Long steel social inventories in Guangzhou extend declines

SHANGHAI, May 8 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, shrank 8.07% from April 25 to stand at 1.49 million mt as of Wednesday May 8, down 4% from a year ago, SMM data showed.

Social inventories of long steel in Guangzhou have declined for seven consecutive weeks.

For the same period, stocks of wire rods lost 4.6% to 442,200 mt, standing 11% lower than a year earlier.

Inventories of rebar dropped 9.5% to stand at 1.05 million mt, down 1% year on year.