Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Rebar Prices Rise as Spring Construction Demand Trims Stockpiles

Don't Miss Out —
Follow us on:

March 27 (Bloomberg) -- Steel reinforcement-bar futures rose on optimism that demand for the material used in housing and railroads will increase as large construction projects in northern China resume operations after winter.

The contract for delivery in October gained 0.2 percent to 3,889 yuan ($625) a metric ton on the Shanghai Futures Exchange. Futures have declined 9.5 percent since reaching a 10-month high of 4,297 yuan on Feb. 8.

Building projects including railroads and new apartment blocks are reopening in the next two weeks, according to a research report today by Luzheng Futures Co. Inventories of steel building materials including rebar fell 2 percent from March 15 to 22.1 million tons, the report said.

“We are seeing signs of returning demand across the country and declining inventory attests to that,” Ren Xinlei, analyst at Luzheng Futures, said by phone from Jinan in eastern China. Resumption of construction activities, delayed about two weeks by an unusually cold winter, should boost rebar prices, he said.

The average spot price of rebar fell 0.1 percent to 3,670 yuan a ton today, according to Beijing Antaike Information Development Co. Spot iron ore at Tianjin port rose 0.8 percent to $137.1 a dry ton yesterday, according to The Steel Index Ltd.

To contact Bloomberg News staff for this story: William Bi in Beijing at wbi@bloomberg.net

To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.