Rebar Falls as Li Says China Has Chosen Steady Monetary Policy Steel reinforcement-bar futures fell in Shanghai after Premier Li Keqiang said the government has chosen steady monetary policy, damping speculation for more economic stimulus. Rebar for delivery in January on the Shanghai Futures Exchange fell 0.4 percent to 3,641 yuan ($595) a metric ton at 10:49 a.m. local time. Futures have lost 2.9 percent this month. China has also chosen not to expand the fiscal deficit, even as the nation has faces economic pressure, Li said, according to a statement posted on the central government’s website, dated yesterday. Rebar inventory in China rose 1.9 percent last week from the period through Sept. 13 as demand slowed, according to a report by Beijing Cifco Futures Co. “There is little support from the policy front, and physical demand shows no sign of recovery,” said Xia Junyan, an analyst at Wanda Futures Co., in Shanghai. The average spot price of rebar fell 0.3 percent to 3,516 yuan a ton yesterday, according to Beijing Antaike Information Development Co. Iron ore for immediate delivery at Tianjin port rose 0.5 percent to $132.4 yuan a dry ton yesterday, according to a price index compiled by The Steel Index Ltd.
Posted on: Tue, 24 Sep 2013 03:17:49 +0000