Sept. 9 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai rose for the first time in five days as traders’ inventory fell to the lowest in more than seven months.
Rebar for January delivery on the Shanghai Futures Exchange gained 0.8 percent to close at 3,752 yuan ($613) a metric ton today, the highest since Sept. 2. The contract fell to the lowest close in almost a month on Sept. 6.
Rebar inventory in China declined by 2.1 percent to 6.4 million tons on Sept. 6, the lowest since the week ended Jan. 25, according to Shanghai Steelhome Information Technology Co.
“The continuing drop in stockpiles is being welcomed by the industry as a positive sign,” said Dang Man, an analyst at Maike Futures Co. in Xi’an.
The average spot price of rebar fell for a third day today, by 0.4 percent to 3,580 yuan a ton, according to Beijing Antaike Information Development Co.
Iron ore for immediate delivery at Tianjin port fell 2.2 percent to $134.10 a dry ton on Sept. 6, according to a price index compiled by The Steel Index Ltd.
--Feiwen Rong. Editors: Sungwoo Park, Brett Miller