Sept. 17 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai remained at the lowest in more than six weeks as output climbed in China, the biggest user.
Rebar for delivery in January on the Shanghai Futures Exchange ended at 3,647 yuan ($596) a metric ton today, matching yesterday’s close that was the lowest for a most-active contract since Aug. 1. The building material lost 1.8 percent last week.
Crude steel output in China rose 1.3 percent in August as profitability rose, with production jumping to 66.3 million tons from 65.47 million tons in July, according to the National Bureau of Statistics.
“Investors are cautious at the moment ahead of the mid- Autumn Festival later this week,” said Wang Yongliang, an analyst at Beijing Cifco Futures Co. in Tianjin. Markets in China will be closed Sept. 19-20 for the festival.
The average spot price of rebar retreated 0.4 percent to 3,533 yuan a ton today, dropping for a ninth day, according to Beijing Antaike Information Development Co.
Iron ore for immediate delivery at Tianjin port fell 0.3 percent to $134.10 a dry ton yesterday, according to a price index compiled by The Steel Index Ltd.
--Feiwen Rong. Editors: Sungwoo Park, Jarrett Banks