Rebar Declines as Pace of Manufacturing Growth in China Slows Steel reinforcement-bar futures in Shanghai fell as two gauges of China’s manufacturing fell in June, underscoring a slowdown in the nation’s economy. Rebar for delivery in January on the Shanghai Futures Exchange declined as much as 1 percent to 3,501 yuan ($571) a metric ton before trading at 3,518 at 10:28 a.m. local time. Futures fell 6.8 percent last quarter, the most since the three months ended in September. The National Bureau of Statistics reported that the Purchasing Managers’ Index was at 50.1, the slowest expansion in four months. A separate Purchasing Managers’ Index released by HSBC Holdings Plc and Markit Economics was 48.2, the weakest since September. “The economic data continued to convince the market about the bearish outlook for building material demand,” Xie Zhaowei, an analyst at Huatai Great Wall Futures Co., said by phone from Shanghai today. Iron ore for immediate delivery at Tianjin port in China gained 1 percent to $116.50 a dry ton on June 28, according to The Steel Index Ltd. The raw material is a key ingredient for steel production. The average spot price for rebar in China was little changed at 3,358 yuan a ton on June 28, according to data from Beijing Antaike Information Development Co.
Posted on: Mon, 01 Jul 2013 03:22:12 +0000
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