Rebar fu­tures, steel prices stay­ing strong

China Daily (Hong Kong) - - BUSINESS DIGEST -

Steel re­in­force­ment bar fu­tures climbed on lower in­ven­tory in China and as spot iron ore prices re­mained near a four-month high. Rebar for May de­liv­ery, the most ac­tive con­tract on the Shang­hai Fu­tures Ex­change, rose 0.5 per­cent to close at 3,735 yuan ($615) a met­ric ton. The steel­mak­ing ma­te­rial for im­me­di­ate de­liv­ery at Tian­jin port tracked by the steel in­dex was un­changed at $139.40 a dry met­ric ton on Tues­day, af­ter ris­ing to $139.70 on Dec 4, the high­est since Aug 15. Rebar in­ven­tory tracked by the Shang­hai Steel­home In­for­ma­tion Tech­nol­ogy Co fell for the eighth week last week to 5.1 mil­lion tons, the low­est since Jan­uary 2011. “There are a num­ber

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