Long steel social inventories in Guangzhou decline on week

SHANGHAI, Mar 28 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, declined 3% from a week ago to stand at 1.9 million mt as of Thursday March 28, SMM data showed.

Long steel inventories fell following a drop in stocks of wire rods, which lost 10.2% on the week to 622,700 mt, standing 11.64% lower than a year earlier.

For the same week, inventories of rebar across the region gained 0.9% to stand at 1.28 million mt, down 7.2% year on year.