SHANGHAI, Feb 1 (SMM) – Long steel inventory in Guangzhou, Guangdong province amounted to 1.23 million mt this week, up 243,500 mt, or 24.8%, from a week ago, SMM data showed.
Rebar inventory rose 158,000 mt to 797,900 mt while wire rod stocks grew 85,500 mt to 428,400 mt.
The increase was mainly due to slowing consumption and an inflow of materials from north China. We expect inventory in Guangzhou to continue to increase as port congestions have left many vessels still waiting to be discharged.
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