Long steel social inventories in Guangzhou gain 0.3% on week

SHANGHAI, Jul 17 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, rose this week for a second straight week, gaining 0.31% from a week earlier to stand at 1.08 million mt as of Wednesday July 17, showed SMM data.

This was driven by an increase of 7.18% in stocks of wire rods, which came in at 441,800 mt, up 102.01% from a year ago.

Overall long steel stocks gained 48.38% on a yearly basis.

Inventories of rebar declined 3.97% from a week ago but grew 25.28% from a year ago to stand at 635,900 mt as of July 17.