Bloomberg reported that steel reinforcement-bar futures in Shanghai rose as a decline in inventories helped offset the impact of increased output from mills.
Rebar for delivery in January on the Shanghai Futures Exchange climbed as much as 0.4%t to CNY 3,624 (USD 591) a metric tonne before trading at CNY 3,618 at 10:15 AM local time. Futures fell yesterday for the first time in five days.
Rebar inventory tracked by Shanghai's Steelhome Information Technology Co also fell by 2.5% last week after declining 26% last quarter.
Mr Ren Xinlei an analyst at Luzheng Futures Co said that "Stockpiles have been steadily decreasing for three months, which is a positive sign despite the higher output.'