Social inventories of long steel in Guangzhou gain 1.91% on week

SHANGHAI, Feb 28 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, gained 1.91% from Thursday February 21, and stood at 1.92 million mt as of Thursday February 28, SMM data showed.

This followed after the stocks grew 17.86% week on week to reach 1.88 million mt as of Thursday February 21.

For the week ended February 28, rebar stocks in Guangzhou expanded 69,300 mt, or 6.1%, to stand at 1.21 million mt, but wire rods stocks decreased 4.5%, or 33,400 mt, to stand at 710,000 mt.