Guangzhou long steel inventories rally after 5-week decline

SHANGHAI, Nov 15 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province ended five consecutive weeks of decline as it rebounded 5.49%, or 28,300 mt from last Thursday to 543,800 mt as of Thursday November 15.

A surge of some 55,400 mt in wire rods stocks to 250,800 mt on the week accounted for the rally. 

For the same period, and stocks of rebar continued to shrink 27,100 mt, or 8.5%, to 293,000 mt as of November 15, SMM data showed.