Rebar Rises on Bets Chinese Economic Growth to Support DemandBloomberg News
Steel reinforcement-bar futures in Shanghai advanced on bets that China’s economic expansion will continue to bolster demand for the building material.
Rebar for delivery in January on the Shanghai Futures Exchange gained 0.2 percent to close at 3,597 yuan ($588) a metric ton. Futures touched 3,541 yuan on Oct. 8, the lowest for a most-active contract since July 2.
The central bank may release reports on money supply and new lending as early as today, while the customs office is scheduled to provide foreign-trade data on Oct. 12. Chinese Premier Li Keqiang said the nation’s economic growth probably exceeded 7.5 percent in the first nine months of the year, a sign the government will next week report success in arresting a two-quarter slowdown.
“The overall economy is in a mild expansion stage after the shaky start in the first half,” said Dang Man, an analyst at Maike Futures Co. in Xi’an. “All the investments in railway construction and Beijing’s looser attitude toward property market curbs will continue to be the main drivers for rebar.”
Iron ore for immediate delivery at Tianjin port was little changed yesterday at $131.80 a dry ton, according to a price index compiled by The Steel Index Ltd. The average spot price of rebar gained 0.2 percent today to 3,507 yuan a ton, according to Beijing Antaike Information Development Co.