Rebar Advances After China’s Trade Performance Beats EstimatesBloomberg News
Steel reinforcement-bar futures in China rose the most in more than two weeks after China’s export and import growth unexpectedly accelerated in April.
Rebar for delivery in October on the Shanghai Futures Exchange gained 1.2 percent to 3,669 yuan ($597) a metric ton, the highest close for a most-active contract since April 19. Futures have rebounded 3.9 percent since reaching a five-month low of 3,530 yuan on May 2.
Exports rose 14.7 percent, the General Administration of Customs said today in Beijing, compared with the 9.2 percent median forecast of analysts surveyed by Bloomberg News. Imports advanced 16.8 percent, while the trade surplus of $18.2 billion was higher than projected.
“The positive trade data gave the rebar market a boost,” Ren Xinlei, an analyst at Luzheng Futures Co., said by phone from Jinan. “Investors are betting the improving economic environment will revive demand.”
The average spot price for rebar was little changed at 3,593 yuan a ton today, according to the Beijing Antaike Information Development Co. Spot iron ore at Tianjin port rose 1.5 percent to $130 a dry ton yesterday, Steel Index Ltd. data show.
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