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Rebar Declines on Concern China Home Price Gains May Spur Curbs

Oct. 22 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai fell as China may introduce measures to contain home prices that rose last month.

Rebar for delivery in May, the most-active contract by volume on the Shanghai Futures Exchange, retreated 0.1 percent to 3,642 yuan ($598) a metric ton, after losing as much as 0.3 percent.

New home prices rose last month from a year earlier in 69 out of 70 cities tracked by China’s statistics bureau, according to a statement on the bureau’s website today. Prices rose from a month earlier in 65 out of 70 cities, it said.

“Traders turned cautious in purchasing spot rebar after home prices rose, which pressured futures,” said Tina Tong, an analyst at Shanghai Steelhome Information Technology Co.

The spot price of rebar was little changed at 3,491 a ton, according to Beijing Antaike Information Development Co.

Iron ore for May delivery, the most-active contract by volume on the Dalian Commodity Exchange, fell 2.2 percent to close at 948 yuan a ton.

Iron ore for immediate delivery at Tianjin port was unchanged at $134.40 a dry ton yesterday, the highest since Sept. 13, according to a price index compiled by The Steel Index Ltd.

To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at frong2@bloomberg.net

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

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