Long steel social inventories in Guangzhou extend declines by 1.3% on week

SHANGHAI, Aug 28 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, fell for a sixth straight week this week, albeit by a smaller margin, showed an SMM survey.

Stocks decreased by 1.3% from a week ago to stand at 827,600 mt as of Wednesday August 28, compared to a drop of 3.4% in the week to August 21. The figure as of August 28 was some 27.38% higher than a year ago.

Inventories of rebar shrank 2.87% from a week earlier but rose 18.68% from a year earlier to 453,700 mt.

Stocks of wire rods, meanwhile, inched up 0.67% week on week to 373,900 mt, standing 39.83% higher than the same period last year.