Economics
China Rebar Drops to Five-Month Low on Iron Price, Mill Supplies
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Steel reinforcement-bar futures in Shanghai fell to the lowest level in more than five months as a decline in the price of iron ore and consistently high output from local mills pressured the market.
The contract for October delivery on the Shanghai Futures Exchange lost 1.6 percent to 3,542 yuan ($575) a metric ton, the lowest close for the most-active contract since Nov. 30. Futures, which reopened after a three-day holiday, lost 6.2 percent in the previous two weeks.