Jan. 14 (Bloomberg) -- Steel reinforcement-bar futures climbed in Shanghai along with iron ore after China’s biggest listed steelmaker raised some products prices for February.
Rebar for May delivery on the Shanghai Futures Exchange gained 0.9 percent to close at 3,492 yuan ($578) a metric ton. Iron ore for May delivery on the Dalian Commodity Exchange advanced 1 percent to end at 880 yuan a ton, the first advance in five days.
Shanghai Baosteel Group Corp. raised hot-rolled products prices for February by 80 yuan a ton, according to a company statement yesterday. It also raised some cold-rolled product prices by 120 yuan per ton. China’s average daily crude-steel output dropped 2.7 percent to 1.96 million tons in the last 10 days of December from the previous 10 days, according to the China Iron and Steel Association.
“Baosteel’s decision to raise product prices at a time when further production cuts from Chinese steel mills are expected is quite positive,” said Li Yajing, an analyst at Guang Yong Futures Co. in Guangzhou.
Iron ore for immediate delivery at the port of Tianjin tracked by The Steel Index gained 0.2 percent to $130.90 a dry ton yesterday. Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. fell 0.2 percent to 3,428 yuan a ton today.
--Feiwen Rong. Editors: Jarrett Banks, Thomas Kutty Abraham