Social inventories of long steel in Guangzhou gain 27.07% from pre-CNY

SHANGHAI, Feb 14 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, gained 27.07% from Thursday January 31, the last week prior to CNY holiday, and stood at 1.598 million mt as of Thursday February 14, SMM data showed.

On the lunar calendar basis, inventories lost 19.2% from a year earlier. 

For the same week, rebar stocks in Guangzhou expanded 254,400 mt, or 35.8%, to stand at 964,600 mt, and wire rods stocks accumulated 15.7%, to 633,900 mt. The stocks declined 25.5% and 7.2%, respectively, on the lunar year.