Aug. 23 (Bloomberg) -- Steel reinforcement-bar futures rose for the first time in four days, erasing a weekly loss, after reports from China to Europe and the U.S. boosted confidence in the prospects for global economic recovery.
Rebar for January delivery gained by 1.3 percent to close at 3,817 yuan ($624) a metric ton. Futures have advanced 4.8 percent this month.
Factory output in the euro area is improving more than economists estimated and the fewest U.S. workers in more than five years applied for jobless benefits, reports yesterday showed. Chinese factory output rose more than estimated in July, according to a report by the HSBC Holdings Plc and Markit Economics yesterday.
“Rebar’s upward trend doesn’t seem to have run its course yet with more positive economic indicators convincing everybody of a recovery story,” said Wang Yongliang, an analyst at Beijing Cifco Futures Co. in Tianjin.
The average spot price of rebar fell for the third day today, dropping 0.3 percent to 3,610 yuan a ton, according to Beijing Antaike Information Development Co.
Iron ore for immediate delivery at Tianjin port was little changed at $137.70 a dry ton yesterday, according to a price index compiled by The Steel Index Ltd.
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