Long steel inventory in Guangzhou shrinks after gains for three weeks

SHANGHAI, Aug 30 (SMM) – Social inventories of long steel in Guangzhou, Guangdong province dipped 3.6%, or 24,100 mt, from a week ago to stand at 649,700 mt as of Thursday August 30, SMM data showed. This follows three consecutive weeks of gains.

Inventories stood at 673,800 mt as of Thursday August 23. 

Rebar inventories fell 10,900 mt, or 2.8%, on the week ended August 30 to 382,300 mt, stocks of wire rods decreased 13,200 mt or 4.7% to 267,400 mt.