Rebar Falls to Three-Week Low After Output in China AdvancesBloomberg News
Steel reinforcement-bar futures in Shanghai fell to the lowest level in almost three weeks after crude steel production in China rose.
Rebar for delivery in January on the Shanghai Futures Exchange fell as much as 1.1 percent to 3,627 yuan ($592) a metric ton, the lowest since July 10, and was at 3,645 yuan at 11:14 a.m. local time.
Daily crude steel output nationwide in mid-July rose 2.3 percent to 2.13 million tons from the first 10 days of the months, according to Shanghai-based Xiben New Line, citing data from the China Iron & Steel Association.
“Producers may increase output as their profit margin returns, and that has cooled traders’ bullishness,” Dang Man, analyst at Maike Futures Co., said from Xi’an.
Iron ore for immediate delivery at Tianjin port rose 0.4 percent to $132.60 a ton on July 26, the highest since April 30, according to The Steel Index Ltd. The average spot price for rebar was unchanged at 3,470 yuan on the same day, the highest since May, according to data from Beijing Antaike Information Development Co.