Long steel social inventories in Guangzhou dip after two-week rise

SHANGHAI, Jul 24 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, shrank after two straight weeks of increases, losing 2.38% from a week earlier to stand at 1.05 million mt as of Wednesday July 24, showed SMM data.

This was triggered by a decline of 4.2% in rebar stocks, which came in at 609,200 mt as of Wednesday July 24. On a yearly basis, inventories of rebar stood 33.54% higher. 

Overall long steel stocks gained 53.4% on the year.

Inventories of wire rods climbed by 0.22% from a week ago and by 92.86% from a year ago to stand at 442,800 mt as of July 24.