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Call against speculation hits prices
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REBAR futures prices slumped for five days in a row amid the central government’s call to dampen speculation, and on the Shanghai Futures Exchange’s increasing its transaction fee.
The most traded rebar contract for January, 2018 delivery fell to 3,707 yuan (US$554) per ton yesterday from 4,006 yuan per ton last Wednesday, a 7.5 percent drop in the past five trading days. Rebar is a steel product mainly used in concrete for construction.
Following the price decline in the futures market, rebar in the spot market also dropped, with its average domestic price losing 54 yuan from a week earlier to 4,167 yuan per ton, according to the steel price index at Lange Steel Information Center, a domestic steel industry consultancy.
The futures exchange announced last Friday that the transaction fee on two rebar futures contracts will be raised to 0.05 percent from 0.01 percent. The higher fee took effect on Tuesday.
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