Long steel social inventories in Guangzhou grow after 12-week decline

SHANGHAI, Jun 19 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, started to build up after 12 consecutive weeks of decline, SMM data showed on Wednesday June 19. 

The inventories expanded 1.46% from a week ago to stand at 1.17 million mt as of Wednesday June 19, following a drop of 2.31% in the previous week. On a yearly basis, stocks stood 7.5% higher as of June 19.

As of Wednesday June 19, stocks of wire rods accumulated 7.69% on the week to 395,100 mt, standing 33.71% higher from a year ago.

Inventories of rebar continued to slip 1.45% to stand at 775,500 mt, down 2.26% year on year. The weekly decline slowed from a drop of 4.85% in the prior week.