Guangzhou social inventories of rebar grow, wire rods stocks dip on week

SHANGHAI, Mar 7 (SMM) – Social inventories of rebar in Guangzhou of Guangdong province extended their increase, but stocks of wire rods continued to decrease in the week through Thursday March 7, SMM data showed.

This caused a decline in overall inventories of long steel, including wire rods and rebar, in the area by 0.24%, or 4,700 mt on a weekly basis, to 1.91 million mt as of Thursday March 7. 

The decline followed after the stocks grew 1.91% week on week to reach 1.92 million mt as of Thursday February 28.

For the week ended March 7, rebar stocks in Guangzhou expanded 24,600 mt, or 2.0%, to stand at 1.23 million mt, but wire rods stocks decreased 4.1%, or 29,300 mt, to stand at 680,700 mt.