Rebar Rises as China Manufacturing Gauges Boosts Demand OutlookBloomberg News
Steel reinforcement-bar futures in Shanghai rose as Chinese manufacturing growth beat analysts estimates in November, boosting the demand outlook for the building material.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, added 0.7 percent to close at 3,695 yuan ($606) a metric ton. That was the highest close since Oct. 15.
The Purchasing Managers’ Index was 51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said yesterday, exceeding 24 out of 26 estimates in a Bloomberg News survey. A separate gauge from HSBC Holdings Plc and Markit Economics today was 50.8, topping all 13 analysts’ projections. Numbers above 50 signal expansion.
“The PMI showed accelerating growth, which is bullish for steel demand,” said Ren Xinlei, an analyst at Luzheng Securities Co. in Jinan.
Iron ore for May delivery on the Dalian Commodity Exchange fell 0.3 percent to close at 936 yuan a ton. The steel-making material for immediate delivery at Tianjin port tracked by The Steel Index was unchanged at $136.40 a dry ton on Nov. 29.
Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. was little changed at 3,535 yuan a ton today.
— With assistance by Feiwen Rong