Aug. 15 (Bloomberg) -- Steel reinforcement-bar futures ended unchanged near a four-month high as rising power consumption supports optimism for demand from industry, while steelmakers boosted selling to lock in profits.
Rebar for January delivery closed at 3,819 yuan ($624) a metric ton. On Aug. 13, the most-active contract closed 3,838 yuan, the highest since April 12 and capping 10 days of gains.
Power use by companies in mining, manufacturing and construction increased 8.1 percent last month from a year earlier to 366.6 billion kilowatt-hours, data from the National Energy Administration showed yesterday.
“While investors continue to be bullish on rebar, steelmakers have also been eager to sell futures and hedge their gains,” said Zhang Lei, an analyst at Nanhua Futures Co. in Shenyang.
The average spot price for rebar rose 0.2 percent to 3,566 yuan a ton today, the highest since May, according to Beijing Antaike Information Development Co. Iron ore for immediate delivery at Tianjin port gained 0.7 percent to $142.80 a dry ton yesterday, the highest since March, The Steel Index Ltd. data showed.
--William Bi. Editors: Jarrett Banks, Ovais Subhani