Social inventories of long steel in Guangzhou gain 17.86% on week

SHANGHAI, Feb 21 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, gained 17.86% from Thursday February 14, the first week after CNY holiday, and stood at 1.88 million mt as of Thursday February 21, SMM data showed.

This came after the stocks grew 27.07% from Thursday January 31, the last week prior to CNY, and stood at 1.598 million mt as of Thursday February 14.

For the week ended February 21, rebar stocks in Guangzhou expanded 170,600 mt, or 18.3%, to stand at 1.14 million mt, and wire rods stocks accumulated 17.3%, or 109,500 mt, to stand at 743,400 mt.