Aug. 22 (Bloomberg) -- Steel reinforcement-bar futures fell for the third day, to the lowest in two weeks, as mills increased selling to take advantage of prices near a four-month high.
Rebar for January delivery fell 0.5 percent to close at 3,769 yuan ($616) a metric ton, the lowest close for a most- active contract since Aug. 9. Futures touched a four-month high at 3,848 yuan on Aug. 14.
The average spot price of rebar fell for the second day, dropping 0.4 percent to 3,622 yuan a ton, according to Beijing Antaike Information Development Co.
“The steel futures traded at a premium to the spot market, tempting steel mills to sell more in the futures market,” said Xia Caijun, an analyst at GF Futures Co. in Guangzhou.
Iron ore for immediate delivery at Tianjin port dropped 0.9 percent yesterday to $137.80 a dry ton, according to a price index compiled by The Steel Index Ltd.
--Feiwen Rong. Editors: Brett Miller, Jake Lloyd-Smith