Rebar Ends Near Three-Month Low on Slower China InvestmentBloomberg News
Steel reinforcement-bar futures in Shanghai ended near the lowest in more than three months as China’s fixed asset investment dipped and industrial production slowed.
Rebar for delivery in January on the Shanghai Futures Exchange closed little changed at 3,570 yuan ($586) a metric ton. The most-active contract ended at 3,558 yuan on Oct. 17, the lowest level since July 1.
China’s fixed asset investment rose 20.2 percent in January through September, compared with a 20.3 percent rise the year through August, the National Bureau of Statistics said on Oct. 18. Industrial production grew 10.2 percent in September, down from 10.4 percent in August, according to the statistics bureau.
“Although data last Friday confirmed China’s economy is rebounding, there’s now concern about the dip in fixed asset investment and its impact on future building material demand,” said Dang Man, an analyst at Maike Futures Co. in Xi’an.
The spot price of rebar fell 0.3 percent to 3,490 yuan a ton, according to Beijing Antaike Information Development Co.
Iron ore for May delivery, the most-active contract by volume on the Dalian Commodity Exchange, fell 0.8 percent to 969 yuan a ton.
Iron ore for immediate delivery at Tianjin port gained 1 percent last week to $134.40 a dry ton on Oct. 18, the highest since Sept. 13, according to a price index compiled by The Steel Index Ltd.