Rebar Advances for Seventh Day Amid Rally in Iron Ore PricesBloomberg News
Steel reinforcement-bar futures in Shanghai advanced for a seventh day to the highest close in almost three months as iron ore prices climbed.
Rebar for delivery in January on the Shanghai Futures Exchange settled little changed at 3,680 yuan ($599) a metric ton, the highest close for a most-active contract since April 19.
Iron ore for immediate delivery at Tianjin port rose for a seventh day yesterday, adding 1.1 percent to $130.40 a dry ton, the highest since April 30, according to The Steel Index Ltd.
“The higher raw-material price is a bullish factor,” said Xie Zhaowei, an analyst at Huatai Great Wall Futures Co. in Shanghai.
The average spot price for rebar in China was little changed at 3,442 yuan a ton today, according to data from Beijing Antaike Information Development Co.