Long steel social inventories in Guangzhou fall for 10 weeks

SHANGHAI, May 29 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, shrank 3.91% from a week ago to stand at 1.27 million mt as of Wednesday May 29, after they dipped 7.15% in the previous week, SMM data showed. 

This is the tenth consecutive week of decline. On a yearly basis, stocks decreased by 3.18% as of May 29, after a drop of 2% on last Wednesday. 

As of Wednesday May 29, stocks of wire rods lost 5.8% on the week to 375,300 mt, standing 11.56% lower from a year ago.

Inventories of rebar dropped 3.1% to stand at 899,000 mt, down 0.05% year on year.