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Chinese rebar declines the most in two months
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Wednesday, 21 Nov 2012
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Bloomberg News reported that steel reinforcement bar futures declined the most in two months after a report that property prices gained in 35 Chinese cities fueled concern that the government won't relax curbs on the sector.

The contract for May 2013 delivery fell by 2.7%, the biggest decline since September 20th 2012, to close at CNY 3,544 a tonne on the Shanghai Futures Exchange.

According to data from the statistics bureau, new home prices rose in October 2012 in more cities than the previous month, indicating the government may refrain from relaxing curbs on the property market. Prices climbed in 35 of the 70 cities the government tracks, compared with 31 in September 2012. Prices fell in 17 cities.

Wanda Futures Co said in a report that "The property sector will continue to face pressure from macro controls."

Mr Dae Woo Lee senior economist at POSCO Research Institute said that the global steel industry may face a double dip situation as reorganization hasn't taken place fully. The industry's continued expansion reduced capacity utilization.

Data compiled by the Steel Index Limited show that iron ore with 62% content delivered to China's Tianjin port was unchanged at USD 122.80 a dry ton on November 16th 2012. Rebar for immediate delivery fell 0.3% to CNY 3,708 a tonne.

Source - Bloomberg

(www.steelguru.com)

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