Dec. 4 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai rose for a third day after iron ore prices jumped to the highest level in three months as Chinese purchases continued to rise.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, climbed 0.1 percent to close at 3,713 yuan ($610) a metric ton, the highest since Oct. 14.
China’s iron ore restocking process in winter is continuing “strongly,” Melinda Moore, an analyst at Standard Bank Plc in London, said in a note yesterday. The steel-making material for immediate delivery at Tianjin port tracked by The Steel Index rose 1 percent to $138.20 a dry ton yesterday, the highest since Sept. 3. Iron ore for May delivery on the Dalian Commodity Exchange gained 1.4 percent today to close at 952 yuan a ton.
“Rebar has been in an upward trend lately and now iron ore provided fresh support for steel prices,” said Dang Man, an analyst at Maike Futures Co. in Xi’an.
Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. gained 0.2 percent today to 3,550 yuan a ton.
--Feiwen Rong. Editors: Jarrett Banks, Brett Miller