Rebar Declines for Second Day in Shanghai as Spot Trading SlowsBloomberg News
Steel reinforcement-bar futures in Shanghai fell for the second day amid waning trading in the spot market and as construction slowed because of winter weather in northern China.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, fell 0.7 percent to close at 3,620 yuan ($594) a metric ton.
Spot rebar fell 0.1 percent today to 3,548 yuan a ton, according to the Beijing Antaike Information Development Co. Volume shrank in recent days in the spot rebar market as the onset of winter weather reduced demand, said Xia Caijun, an analyst at GF Futures Co. in Guangzhou.
“Lack of immediate demand for spot rebar, and weakness in other industrial metals such as copper, have all added downward pressure on the futures,” Xia said.
Iron ore for May delivery on the Dalian Commodity Exchange, fell 0.6 percent to close at 937 yuan a ton. The steel-making material for immediate delivery at Tianjin port tracked by The Steel Index gained 0.2 percent to $136.10 a dry ton yesterday.
— With assistance by Feiwen Rong