Rebar Posts First Monthly Gain Since August as Inventory FallsBloomberg News
Steel reinforcement-bar futures capped the first monthly advance in three months after stockpiles fell to the lowest level in almost three years and output slowed.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, closed unchanged at 3,670 yuan ($602) a metric ton. The contract gained 1.6 percent this week and 0.9 percent this month.
Total inventory fell 1.3 percent to 5.24 million tons as of Nov. 22 from a week earlier, the lowest level since January 2011, according to data by Shanghai Steelhome Information Technology Co. Daily crude steel output averaged 2.13 million tons in mid-November, down 0.6 percent from the first 10 days in the month, industry consultancy Mysteel.com reported this week, citing data from the China Iron and Steel Association.
“Low inventory and signs of falling production are supporting rebar,” said Dang Man, an analyst at Maike Futures Co. in Xi’an.
Iron ore for May delivery on the Dalian Commodity Exchange was unchanged at 939 yuan a ton. The steel-making material for immediate delivery at Tianjin port tracked by The Steel Index rose 0.3 percent to $136.40 a dry ton yesterday.
Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. was unchanged at 3,537 yuan a ton today.
— With assistance by William Bi