Rebar Pares Monthly Decline on Australia Iron Ore Shortage Concern Due to Cyclone

Bloomberg reported that steel reinforcement bar futures advanced for a second day, paring a monthly drop, on concerns that Australia’s iron ore supply might be affected by a cyclone.

As quoted in the market news:

Rebar for delivery in October rose as much as 1.1 percent to 4,028 yuan ($648) a metric ton on the Shanghai Futures Exchange and was at 4,017 yuan at 11:30 a.m. local time. The most-active contract has retreated 2.7 percent this month, the biggest drop since November.

Click here to read the full Bloomberg report