Long steel inventory in Guangzhou extends decline

SHANGHAI, Sep 6 (SMM) – Social inventories of long steel in Guangzhou, Guangdong province decreased 3.16%, or 20,500 mt, from a week ago to stand at 629,200 mt as of Thursday September 6, SMM data showed. This marked the second straight week of decline.

Stocks of rebar fell 22,700 mt, or 5.9%, over the week to 359,600 mt while stocks of wire rods increased 2,200 mt, or 0.8%, to 269,600 mt.