Oct. 24 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai fell for a third day amid concern that China will curb property prices, reducing demand for the building material.
Rebar for delivery in May, the most-actively traded contract by volume on the Shanghai Futures Exchange, dropped 0.5 percent to close at 3,617 yuan ($595) a metric ton.
Home prices in China’s four major cities last month jumped the most since January 2011, heightening concerns that a bubble is forming. Policy makers may release new property curbs in the fourth quarter, the state-owned China Securities Journal reported yesterday.
“Concerns grew that China is eying a crackdown on property-related lending that will harm sentiment toward copper and steel,” said Helen Lau, an analyst at UOB Kay Hian Ltd. in Hong Kong.
The spot price of rebar fell 0.3 percent to 3,482 yuan a ton, according to Beijing Antaike Information Development Co.
Iron ore for May delivery, the most-active contract by volume on the Dalian Commodity Exchange, fell 1.4 percent to 926 yuan a ton. The commodity for immediate delivery at Tianjin port was little changed at $133.20 yesterday, according to a price index compiled by The Steel Index Ltd.
--Feiwen Rong. Editors: Jarrett Banks, Brett Miller