Long steel social inventories in Guangzhou rebound 1.5% on week

SHANGHAI, Jul 10 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, increased by 1.51% from a week ago to stand at 1.07 million mt as of Wednesday July 10, after two consecutive weeks of declines, showed SMM data.

This created a year-over-year increase of 34.32%, larger than the growth of 18.61% seen as of July 3.

This week’s rebound was driven by higher inventories of wire rods, which expanded 9.28% from a week ago and 92.53% from a year ago to 412,200 mt.

Inventories of rebar came in at 662,200 mt as of July 10, down 2.79% from a week ago but up 13.04% from a year ago.