Guangzhou rebar social inventories decline on week

SHANGHAI, Nov 22 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province decreased by 11,900 mt, or 2.19%, over the week ended November 22 to stand at 531,900 mt, SMM data showed.

A decline of 5% in rebar stocks accounted for the overall drop. For the same week, social inventories of rebar in Guangzhou fell 14,700 mt to 278,300 mt, while stocks of wire rods grew 2,800 mt, or 1.1%, to 253,600 mt.