iron news

Steel reinforcement-bar futures in Shanghai fell today as iron ore prices retreated to a six-month low. Chinese economic growth data that was slightly higher than estimates limited the decline.

Rebar for May delivery on the Shanghai Futures Exchange fell as much as 0.7 percent to 3,446 yuan ($569) a metric ton, before trading at 3,459 yuan at 10:52 a.m. local time.

China’s economy grew 7.7 percent in the fourth quarter from a year earlier, the National Bureau of Statistics said today in Beijing. The median estimate in a Bloomberg News survey of 44 analysts was for a 7.6 percent gain.

“Better-than-expected GDP helped rebar pare some losses this morning, but lower production costs are still putting pressure on the market,” said Wu Zhili, an analyst at Shenhua Futures Co. in Shenzhen. “Iron ore and coal markets remain in a bear trend.”

Iron ore futures for May delivery on the Dalian Commodity Exchange retreated 0.6 percent to 871 yuan a ton.

The material for immediate delivery at the port of Tianjin tracked by The Steel Index fell by 0.8 percent to $127.30 a dry ton on Jan. 17, the lowest since July 15.

Rebar for immediate delivery tracked by Beijing Antaike Information Development Co. dropped 0.2 percent to 3,419 yuan a ton on Jan. 17, the lowest since July 15.

To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at frong2@bloomberg.net

To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net