Long steel social inventories in Guangzhou continue decline

SHANGHAI, May 22 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, shrank 7.15% from a week ago to stand at 1.33 million mt as of Wednesday May 22, down 2% year on year, SMM data showed.

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

For the same period, stocks of wire rods lost 6.76% to 398,300 mt, standing 2% lower from a year earlier.

Inventories of rebar dropped 7.31% to stand at 927,900 mt, down 2% year on year.