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World


Shanghai rebar futures hit record low on demand woes

* Rebar futures fall for the 6th day * Iron ore futures inch up, but slow demand weighs * Spot ore stretches losses SHANGHAI, Jul 2 (Reuters) Chinese rebar futures hit a record low on Thursday as a chronic supply glut and waning demand dampened spot prices in the world's top producer. The most-traded rebar futures for October delivery on the Shanghai Futures Exchange hit a session low of 2,089 yuan (
336.67) a tonne, their lowest since the contract launched in 2009. It declined 0.3 percent to 2,124 yuan a tonne by close, down for the sixth consecutive day. "It is just a technical correction. Spot prices keep falling and mills are cutting prices to attract buyers, but demand is too weak and downstream buyers are not purchasing," said a steel trader in eastern Jiangsu province. A slowing Chinese economy has hit industrial demand with steel consumption continuing to shrink in the first half of this year after contracting in 2014 for the first time in more than three decades. Steel producers in China have planned to curb output in July, and this will further pressure iron ore prices which fell to a two-month low. The most-active September iron ore contract on the Dalian Commodity Exchange slipped to a low of 409.5 yuan a tonne, the lowest since April 30, before edging up 0.2 percent to close at 417 yuan a tonne. Iron ore for immediate delivery to China's Tianjin port fell for the fifth straight day on Wednesday, down 0.7 percent to
58.9 a tonne, its lowest since May 21, according to the Steel Index. REUTERS KU SV RAI1320
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