The volume of steel reinforcement-bar futures traded on the Shanghai Futures Exchange advanced to a record on speculation that new infrastructure projects in China will increase demand.
A total of 6.01 million lots of the most-active, January delivery contract were traded on Monday, up from 5.9 million lots on Sept 7, the previous high, according to the exchange. One lot equals 10 metric tons.
Futures climbed for a third day, closing 2.7 percent higher at 3,497 yuan ($551) a ton as open interest rose 15,028 lots to 1.38 million lots.
China, the world's largest steel producer, has been ramping up infrastructure spending to counter a slowdown in economic growth that could result in the weakest annual pace in more than two decades. The government approved plans for 2,018 kilometers of roads last week, as well as sewage plants, port and warehouse projects and subways. Rebar prices have fallen 17 percent this year.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
