Long steel inventories in Guangzhou dip for eight weeks

SHANGHAI, May 10 (SMM) – Social inventories of long steel in Guangzhou, Guangdong province fell nearly 7.3% on the week and stood at 1.55 million mt as of Thursday May 10, SMM data showed. 

Inventories shrank 122,100 mt from a week ago, and this marked the eighth consecutive week of decline. The drop was at a faster rate from 2.5% a week ago.

Rebar inventories shrank 60,700 mt to 1.06 million mt and stocks of wire rod dropped 61,400 mt to 497,000 mt.

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