Rebar Advances First Time in a Week as Manufacturing ExpandsBloomberg News
Steel reinforcement-bar futures rose for the first time in a week as a gauge of manufacturing in China showed a second consecutive month of expansion.
Rebar for delivery in January on the Shanghai Futures Exchange gained 0.3 percent to close at 3,587 yuan ($586) a metric ton. Futures rose 1.5 percent this quarter, the first such climb since December.
The Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics rose to 50.2 in September from 50.1 in August, with scores above 50 indicating expansion. China’s markets will be closed for week-long National Holiday starting tomorrow.
“Demand may increase in the last quarter as the economy is expected to continue to recover,” analyst Ren Xinlei of Luzheng Futures said from Jinan. “Traders are netting out their positions and will wait through the holidays.”
The average spot price of rebar fell 0.2 percent to 3,488 yuan today and lost 3.1 percent this month, according to Beijing Antaike Information Development Co. Iron ore for immediate delivery at Tianjin port dropped 1.4 percent to $131.90 on Sept. 27, according to a price index compiled by The Steel Index Ltd.