Oct. 28 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai climbed for the first time in five days as inventory in China declined and iron ore futures advanced.
Rebar for delivery in May, the most-active contract by volume on the Shanghai Futures Exchange, rose 1 yuan to close at 3,586 yuan ($589) a metric ton.
Inventory of the building material in China fell 2.2 percent last week to 5.97 million tons, the lowest level since the week ended Jan. 11, according to Shanghai Steelhome Information Technology Co. Iron ore for May delivery, the most- active contract on the Dalian Commodity Exchange, gained for the first time in six days, adding 0.5 percent to close at 923 yuan a ton.
“Rebar is still supported by low inventory and relatively resilient iron ore prices,” said Wang Yongliang, an analyst at Beijing Cifco Futures Co. in Tianjin.
The spot price of rebar was little changed today at 3,482 yuan a ton, according to Beijing Antaike Information Development Co. Iron ore for immediate delivery at Tianjin port, tracked by the Steel Index, lost 0.2 percent to $133.30 a dry ton on Oct. 25.
--Feiwen Rong. Editors: Jarrett Banks, Ovais Subhani