Rebar Falls the Most in More Than Two Months Amid Syria TensionBloomberg News
Steel reinforcement-bar futures fell by the most more than two months as escalating tension in Syria roiled the financial markets.
Rebar for January delivery dropped 1.3 percent to 3,767 yuan ($615) a metric ton today, the biggest one-day slump since June 24 and the lowest close for a most-active contract since Aug. 9.
About eight stocks fell for every one that rose on the MSCI Asia Pacific Index, led by losses in Japanese shares. Oil rose to more than a two-year high.
“Syria has grabbed all the attention and the whole industrial commodities sector, including rebar, is affected,” said Zheng Nan, analyst at Shenyin & Wanguo Futures Co. in Shanghai.
The average spot price of rebar was little changed today at 3,605 yuan a ton, according to Beijing Antaike Information Development Co. Iron ore for immediate delivery at Tianjin port was unchanged at $138.70 a dry ton yesterday, according to a price index compiled by The Steel Index Ltd.