April 15 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai dropped by the most in more than a month as China’s economic growth unexpectedly slowed in the first quarter, sparking a slump in commodities.
The contract for October delivery on the Shanghai Futures Exchange closed 2.6 percent lower at 3,738 yuan ($604) a metric ton at 3 p.m. local time. That’s the biggest drop for the most-active contract at close since March 4.
China’s gross domestic product rose 7.7 percent from a year earlier, the National Bureau of Statistics said in Beijing today. That compares with the 8 percent median forecast in a Bloomberg News survey of 41 analysts and 7.9 percent in the fourth quarter. March industrial production gained less than estimated while retail-sales growth matched forecasts.
“Rebar is the collateral damage of this across-the-board selloff in industrial commodities,” Yu Yang, an analyst at Shenyin & Wanguo Futures Co., said by phone from Shanghai today.
The average spot price for rebar was 0.2 percent lower at 3,637 yuan today, according to Beijing Antaike Information Development Co. Spot iron ore at Tianjin port was little changed at $141.00 a dry ton on April 12, The Steel Index Ltd. data show.
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