Nov. 13 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai fell amid a weaker outlook for the building material through winter and after China’s top leaders ended a policy meeting without providing details to support their plans to reform the economy.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, fell 0.6 percent to close at 3,647 yuan ($599) a metric ton today.
Demand for rebar is poised for a seasonal downturn as construction slows during the colder months, according to Wang Yongliang, an analyst at Beijing Cifco Futures Co. The Communist Party’s senior leaders said in communique yesterday that markets will become “decisive” in allocating resources while the state remain “dominant” in the economy, without providing specifics.
“The downstream end users are quite reluctant to buy rebar now and uncertainty remains over policy,” said Dang Man, an analyst at Maike Futures Co. in Xi’an.
Iron ore for May delivery on the Dalian Commodity Exchange was unchanged at 943 yuan a ton today. The steel-making material for immediate delivery at Tianjin port tracked by The Steel Index was unchanged at $135.90 a dry ton yesterday.
The spot price of rebar was little changed at 3,552 yuan a ton today, according to Beijing Antaike Information Development Co.
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