March 6 (Bloomberg) -- Steel reinforcement-bar futures closed little changed in Shanghai as investors weighed the Chinese government’s economic growth target and property control measures.
Rebar for delivery in October on the Shanghai Futures Exchange ended trading at 3,937 yuan ($633) a metric ton after swinging between gains and losses.
Premier Wen Jiabao on March 4 urged prolonging efforts to rein in real-estate speculation, pushing rebar lower and triggering the biggest decline in Chinese stocks in 18 months. Yesterday the government maintained its economic-growth target at 7.5 percent for this year while setting a lower inflation goal of 3.5 percent
“There remains a lot of policy uncertainty during the National People’s Congress,” Shi Yuchen, analyst at Guosen Futures Co., said in a report today. “Investors aren’t sure of future demand yet.”
The average spot price for rebar fell 0.2 percent today to 3,770 yuan a ton, according to data from Beijing Antaike Information Development Co. Iron ore for immediate delivery dropped 2.4 percent to $145.20 a ton yesterday, according to data compiled by The Steel Index Ltd.
--Feiwen Rong. Editors: Brett Miller, Jarrett Banks