Long steel social inventories in Guangzhou decline 5.8% on week

SHANGHAI, Jun 26 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, declined 5.79% from a week ago to stand at 1.1 million mt as of Wednesday June 26, after an increase of 1.46% in the prior week, showed SMM data showed.

In the last 14 weeks, long steel inventories in Guangzhou have decreased for 13 weeks. On a yearly basis, stocks were 9.51% higher as of June 26.

For the same week, rebar inventories dropped 7.14% to 720,100 mt, down 3.15% year on year; stocks of wire rods fell 3.14% to 382,700 mt, some 45.24% higher than a year ago.