Oct. 18 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai rose, trimming a weekly decline, after China’s economic growth accelerated in the third quarter.
Rebar for delivery in January on the Shanghai Futures Exchange rose by 0.3 percent to close at 3,568 yuan ($586) a metric ton, bringing this week’s loss to 0.9 percent.
Gross domestic product expanded 7.8 percent in the third quarter, government data showed today, matching the median forecast in a Bloomberg News survey and rising from 7.5 percent in the previous quarter. Industrial output advanced last month.
“Sentiment improved a bit as China’s economic numbers confirmed growth was stabilizing,” said Wang Yongliang, an analyst at Beijing Cifco Futures Co. in Tianjin.
Iron ore for immediate delivery at Tianjin port gained 0.5 percent yesterday to $134.40 a dry ton, the highest since Sept. 13, according to a price index compiled by The Steel Index Ltd. Futures for physical delivery made their debut on the Dalian Commodity Exchange today. The contract for delivery in May, the most active by volume, closed at 977 yuan a ton, after opening at the bourse-set price of 950 yuan.
The spot price of rebar fell 0.2 percent to 3,499 yuan a ton according to Beijing Antaike Information Development Co.
--Feiwen Rong. Editors: Sungwoo Park, Jarrett Banks