Long steel inventory in Guangzhou rebounds after six weeks of drop

SHANGHAI, Aug 9 (SMM) – Social inventories of long steel in Guangzhou, Guangdong province increased 5,500 mt from a week ago to stand at 648,400 mt as of Thursday August 9, SMM data showed.

This marked a rebound after six consecutive weeks of decline. While rebar inventories fell 29,900 mt on the week to 404,400 mt, stocks of wire rods jumped 35,400 mt to 244,000 mt.