Guangzhou long steel inventories dip for 5 weeks

SHANGHAI, Nov 8 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province decreased 8.55%, or 48,200 mt, from Thursday November 1 to 515,500 mt as of Thursday November 8, SMM data showed.  

This marked the fifth consecutive week of decline, but at a slower rate compared to 9.27% last week. 

For the same period, stocks of wire rods fell 29,400 mt, or 13.1%, to 195,400 mt; and stocks of rebar shrank 18,800 mt, or 5.5%, to 320,100 mt as of November 8.