Dec. 12 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai fell from the highest in 11 weeks as a slowdown in fixed-asset investment growth spurred demand concern.
Rebar for May delivery, the most-active contract on the Shanghai Futures Exchange, fell 0.2 percent to close at 3,729 yuan ($614) a metric ton, after climbing to 3,745 yuan, the highest since Sept. 24.
Fixed-asset investment grew 19.9 percent in the first 11 months of the year, less than the estimated 20 percent expansion. China’s economy expanded 7.8 percent in the third quarter from a year earlier, rebounding from a slowdown in the two preceding periods. Analysts surveyed by Bloomberg News last month saw growth easing to 7.6 percent this quarter and 7.5 percent in 2014, based on median estimates.
“The drop in fixed-asset investment growth hurts the outlook for the building material,” said Ren Xinlei, an analyst at Luzheng Futures Co. in Jinan.
Iron ore for immediate delivery at Tianjin port tracked by The Steel Index fell 0.2 percent to $139.10 a dry ton yesterday. Futures for May delivery on the Dalian Commodity Exchange dropped 0.8 percent to close at 930 yuan a ton.
Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. was little changed at 3,559 yuan a ton today.
--Feiwen Rong. Editors: Jarrett Banks, Ovais Subhani