Shanghai steel rebar dips

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    BEIJING- Construction rebar futures on China’s Shanghai Futures Exchange (ShFE) slipped on Tuesday early trade, as data showing a slowing housing market raised worries over the sector which has shored up demand of the industrial material this year.

    China’s September new home prices grew at a slower pace compared with the previous month amid curbs of potential market bubble, data from the statistics bureau showed on Tuesday.

    Meanwhile, growth in new construction starts measured by floor area declined 1.9 percent last month, easing from the 2.4 percent increase in August, according to official data.

    “New construction starts … was much lower than market expectation and derived from other indicators like machinery sales, leading market to turn to pessimistic from moderate,” Huatai Futures wrote in a note.