SHANGHAI, Jun 5 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, shrank 7.31% from a week ago to stand at 1.18 million mt as of Wednesday June 5, after they dipped 3.91% in the previous week, SMM data showed. 

This is the 11th consecutive week of decline. On a yearly basis, however, stocks stood 2.59% higher as of June 5, after a drop of 3.18% last Wednesday. 

As of Wednesday June 5, stocks of wire rods lost 5.65% on the week to 354,100 mt, standing 11.42% higher from a year ago.

Inventories of rebar dropped 8.01% to stand at 827,000 mt, down 0.78% year on year.