Dec. 6 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai extended a third weekly gain after iron ore prices rallied to the highest in almost four months.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, rose 0.2 percent to close at 3,702 yuan ($609) a metric ton, bringing this week’s gain to 0.9 percent.
Iron ore for immediate delivery at Tianjin port tracked by The Steel Index reached $139.70 a dry ton on Dec. 4, the highest since Aug. 15, and was at $139.50 yesterday. Iron ore for May delivery on the Dalian Commodity Exchange fell 0.4 percent to close at 941 yuan a ton, paring a second weekly gain.
“The cost of iron ore remains a significant support for the steel price,” said Dang Man, an analyst at Maike Futures Co. in Xi’an.
Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. was little changed at 3,552 yuan a ton today.
--Feiwen Rong. Editors: Jarrett Banks, Sungwoo Park