Long steel social inventories in Guangzhou fall for 2 weeks

SHANGHAI, Jul 31 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, fell for a second straight week this week, showed an SMM survey.

Stocks decreased by 6.83% from a week ago to stand at 980,100 mt as of Wednesday July 31, after a decline of 2.38% in the week to July 24. This was some 52.45% higher than a year ago.

Inventories of rebar shrank 6.22% from a week earlier but rose 31.55% from a year earlier to 571,300 mt.

Stocks of wire rods, meanwhile, dipped 0.22% week on week to 408,800 mt, standing 95.97% higher than the same period last year.