Jan. 13 (Bloomberg) -- Steel reinforcement-bar futures fell in Shanghai after Jiangsu Shagang Co., China’s biggest maker of the commodity, was reported to have lowered prices amid weakening demand.
Rebar for May delivery on the Shanghai Futures Exchange declined 0.9 percent to close at 3,462 yuan ($573) a metric ton. The most-active contract dropped for a fifth week in the five days through Jan. 10.
Jiangsu Shagang cut rebar prices to customers by 130 yuan a ton for 10 days starting Jan. 11, according to a statement posted yesterday on the website of China Metallurgical News.
“Price-cutting by majors is negative for the market, which is already quite pessimistic about demand,” said Wang Yongliang, a Tianjin-based analyst at Beijing Cifco Futures Co.
Iron ore for May delivery in Dalian dropped 1.1 percent to 871 yuan a ton. The steel-making material for immediate delivery at the port of Tianjin tracked by The Steel Index lost 0.2 percent to 130.7 yuan a dry ton on Jan. 10, which was the lowest since August.
Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. fell 0.3 percent to 3,436 yuan a ton today.
--William Bi. Editors: Sungwoo Park, Brett Miller