Nov. 15 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai had the largest weekly decline in more than four months on weaker winter demand and after China’s leaders disappointed investors seeking details on policy shifts.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, fell by 0.8 percent today to close at 3,591 yuan ($589) a metric ton. The contract lost 1.9 in the five days through today, the biggest weekly drop since June 28.
The Communist Party’s senior leaders concluded a policy meeting this week with a communique stating that markets would become “decisive” in allocating resources while the state remained “dominant” in the economy, without providing specifics. Demand for rebar usually wanes in winter as construction slows during the colder months, according to Jiang Yuying, an analyst at Chengdu Brilliant Futures Co. in Shanghai.
“It’s the lack of positive news from policy makers and seasonal weakness,” said Jiang.
Iron ore for May delivery on the Dalian Commodity Exchange, fell 0.6 percent today to close at 931 yuan. Iron ore for immediate delivery at Tianjin port tracked by The Steel Index gained 0.4 percent yesterday to $136.60 a dry ton.
Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. was little changed today at 3,543 yuan a ton.
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