Long steel social inventories in Guangzhou decline 4% on week

SHANGHAI, Jul 3 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, declined for a second straight week this week, falling 4.03% from a week ago to stand at 1.06 million mt as of Wednesday July 3, after a decrease of 5.79% in the prior week, showed SMM data.

On a yearly basis, stocks were 18.61% higher, much larger than the growth of 9.51% seen as of June 26.

For the same week, rebar inventories dropped 5.4% to 681,200 mt, up 6.34% year on year; stocks of wire rods fell 1.44% to 377,200 mt, some 49.86% higher than a year ago.