Rebar Falls on High Steel-Mill Output, Lower Raw-Material PriceBloomberg News
Steel reinforcement-bar futures retreated on concern that crude steel output in China is climbing, while the price of iron ore fell.
Rebar for delivery in October on the Shanghai Futures Exchange fell 0.4 percent to close at 3,606 yuan ($587) a metric ton. The most-active contract has lost 9.6 percent this year.
Iron ore with 62 percent iron content for immediate delivery to the Tianjin port in China fell 1.5 percent to $123.10 a ton on May 17, according to an index compiled by The Steel Index Ltd. China’s daily crude steel output nationwide in early-May was estimated to rise 3 percent to 2.19 million tons, compared with daily output in late-April, according to Custeel.com analyst Hu Yanping on May 17, citing data from the China Iron & Steel Association.
High steel output and lower raw material prices are weighing on rebar prices, said Xu Jiashun, an analyst at Yongan Futures Co. in Hangzhou.
The average spot price for rebar was little changed at 3,559 yuan a ton, according to Beijing Antaike Information Development Co.