Oct. 16 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai fell to the lowest level in more than three months as Chinese stocks slumped on concern the nation’s economy is losing momentum.
Rebar for delivery in January on the Shanghai Futures Exchange fell 1.1 percent to close at 3,567 yuan ($585) a metric ton, the lowest settlement for a most-active contract since July 2. Prices have dropped 11 percent this year.
Chinese stocks dropped by the most in three weeks, led by metal and technology companies, after JPMorgan Chase & Co. cut its rating on the nation’s equities to underweight. The government is scheduled to publish third-quarter gross domestic product data on Oct. 18.
Bulk commodities including steel, iron ore and coal are particularly sensitive to the future direction of the economy, said Zheng Ge, an analyst at Wanda Futures Co. in Beijing.
The spot price of rebar fell by 0.2 percent to 3,512 yuan a ton today, according to Beijing Antaike Information Development Co.
Iron ore for immediate delivery at Tianjin port gained 0.4 percent on Oct. 14 to $133.60 a dry ton, according to a price index compiled by The Steel Index Ltd.
--Feiwen Rong. Editors: Brett Miller, Jarrett Banks