Dec. 17 (Bloomberg) -- Steel reinforcement-bar futures in Shanghai retreated for a fourth day as iron ore, a key ingredient for steel-making, declined to an eight-week low.
Rebar for May delivery on the Shanghai Futures Exchange fell 0.2 percent to close at 3,663 yuan ($603) a metric ton, the lowest for a most-active contract since Nov. 27. Prices lost 0.7 percent last week, the first drop in four weeks.
Iron ore for May delivery on the Dalian Commodity Exchange ended 0.9 percent lower at 910 yuan a ton, the lowest close since its inception on Oct. 18. The commodity for immediate delivery at the port of Tianjin tracked by The Steel Index dropped for a fourth day yesterday, falling 0.8 percent to $134.90 a dry ton.
“Iron ore has dragged down the steel complex,” said Yu Yang, an analyst at Shenyin & Wanguo Futures Co. in Shanghai. “Sentiment has turned bearish in the short term amid a lack of bullish factors.”
Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. was little changed yesterday at 3,569 yuan a ton.
--Feiwen Rong. Editors: Sungwoo Park, Jarrett Banks