Rebar Declines as Pace of China Manufacturing Growth SlowsBloomberg News
Steel reinforcement-bar futures in Shanghai fell as two gauges of China’s manufacturing fell in June, underscoring a slowdown in the nation’s economy.
Rebar for delivery in January on the Shanghai Futures Exchange fell 0.1 percent to close at 3,533 yuan ($576) a metric ton. Futures fell 7.2 percent last quarter, the most since the three months ended in September.
The National Bureau of Statistics reported that the Purchasing Managers’ Index was at 50.1, the slowest expansion in four months. A separate Purchasing Managers’ Index released by HSBC Holdings Plc and Markit Economics was at 48.2, the weakest since September.
“Economic data continued to convince the market about the bearish outlook for building-material demand,” Xie Zhaowei, an analyst at Huatai Great Wall Futures Co., said by phone from Shanghai today.
Iron ore for immediate delivery at Tianjin port in China gained 1 percent to $116.50 a dry ton on June 28, according to The Steel Index Ltd. The raw material is a key ingredient for steel production.
The average spot price for rebar in China was little changed at 3,357 yuan a ton, according to data from Beijing Antaike Information Development Co.