Shanghai Rebar Little Changed as Investors Await Party PlenumBloomberg News
Steel reinforcement-bar futures in Shanghai ended little changed as investors await the conclusion of a four-day Communist Party meeting.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, rose 2 yuan to close at 3,670 yuan ($586) a metric ton.
Top party officials are meeting in Beijing to map out a blueprint for reform as the country heads for its slowest growth in more than two decades. A communique will be released after the meeting ends today.
“Investors are waiting to hear about broad changes in terms of macro and monetary policies and whether the government will cut steel-making capacity,” said Ren Xinlei, an analyst at Luzheng Futures Co. in Jinan.
Iron ore for May delivery on the Dalian Commodity Exchange rose 0.1 percent to close at 943 yuan a ton. The steel-making material for immediate delivery at Tianjin port tracked by The Steel Index was unchanged at $135.90 a dry ton yesterday.
The spot price of rebar fell 0.1 percent to 3,553 yuan today, according to Beijing Antaike Information Development Co.
— With assistance by Feiwen Rong