Long steel inventories in Guangzhou dip for seven consecutive weeks

SHANGHAI, May 3 (SMM) – Social inventories of long steel in Guangzhou, Guangdong province fell nearly 2.5% on the week and stood at 1.68 million mt as of Thursday May 3, SMM data showed.

Inventories shrank 42,200 mt from a week ago, and this marked the seventh consecutive week of decline. The drop was at a slower rate from 7.3% in the previous week.

Rebar inventories shrank 17,500 mt to 1.12 million mt and stocks of wire rod dropped 24,700 mt to 558,400 mt.

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