Decline in long steel social inventories in Guangzhou slow on week 

SHANGHAI, Jun 12 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, shrank 2.31% from a week ago to stand at 1.15 million mt as of Wednesday June 12. The decline narrowed from a drop of 7.31% in the previous week, SMM data showed. 

This is the 12th consecutive week of decline. On a yearly basis, however, stocks stood 9.64% higher as of June 12, expanding from a rise of 2.59% last Wednesday. 

As of Wednesday June 12, stocks of wire rods grew 3.61% on the week to 366,900 mt, standing 32.45% higher from a year ago.

Inventories of rebar continued to slip 4.85% to stand at 786,900 mt, up 1.48% year on year.