Rebar Falls to Pace Declines in Copper as Chinese Markets ReopenBloomberg News
Steel reinforcement-bar futures in Shanghai fell in the first trading session after a week-long holiday, pacing declines in copper on global markets during the past week.
Rebar for delivery in October, the most-active contract by volume, fell by 2.4 percent to close at 4,173 yuan ($668) a metric ton on the Shanghai Futures Exchange. The Chinese bourse was closed last week for the Lunar New Year holiday.
“Declines in the base metals, especially in the bellwether copper, during last week, led to bearish sentiment in the rebar market today,” Wang Yaoyao, analyst at Huawen Futures Co., said by phone from Shanghai.
Copper for three-month delivery traded in London fell by 1.1 percent in the week ended Feb. 15. LME zinc for three-month delivery also fell by 1.4 percent in the same period.
Rising rebar inventory also sparked concern that physical demand for the building material may remain weak, Zheshang Futures Co. said in a report today.
Rebar steel inventory in major cities, tracked by Mysteel.com, climbed by 12.4 percent on Feb. 16 from a week ago to 8.4 million tons, according to a report on the industry website.
Iron ore for immediate delivery was unchanged at $155.10 a ton on Feb. 15, according to a price index compiled by The Steel Index Ltd. The average spot price for rebar gained 1.2 percent today to 3,836 yuan a ton today, according to data from Beijing Antaike Information Development Co.
— With assistance by Feiwen Rong