Long steel social inventories in Guangzhou extend declines

SHANGHAI, May 15 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, shrank 4.27% from May 8 to stand at 1.43 million mt as of Wednesday May 15, down 2.6% from a year ago, SMM data showed.

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

For the same period, stocks of wire rods lost 3.4% on the week to 427,200 mt, standing 9.5% lower from a year earlier.

Inventories of rebar dropped 4.6% to stand at 1 million mt, down 0.6% year on year.