Rebar Rises for Fourth Week as China’s Exports Beat ForecastsBloomberg News
Steel reinforcement-bar futures in Shanghai climbed for the fourth week, before week-long Lunar New Year holidays and as China’s exports rose more than estimated in January.
Rebar for delivery in October, the most-active contract by volume, rose by 0.5 percent to close at 4,275 yuan ($685) a metric ton on the Shanghai Futures Exchange. Futures gained 1.3 percent this week. The contract for delivery in May, which had the most open interest, was little changed today at 4,127 yuan.
“Strong economic data fueled expectations for rebar demand,” Long Qingqing, analyst at Huatai Great Wall Futures Co., said in a report today.
Overseas shipments increased 25 percent from a year earlier, the customs administration said on its website today. That’s higher than the 17.5 percent median estimate in a Bloomberg News survey of 33 economists. Imports rose 28.8 percent, leaving a trade surplus of $29.15 billion.
Iron ore for immediate delivery was unchanged at $155.10 a ton yesterday, according to a price index compiled by The Steel Index Ltd. The average spot price for rebar was little changed at 3,790 yuan a ton on Feb. 6, according to data from Beijing Antaike Information Development Co.
— With assistance by Feiwen Rong