Long steel social inventories in Guangzhou fall for 3 weeks

SHANGHAI, Aug 7 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, fell for a third straight week as of Wednesday August 7, showed an SMM survey.

Stocks decreased by 4.76% from a week ago to stand at 933,400 mt as of Wednesday August 7, after a decline of 6.83% in the week to July 31. This was some 43.95% higher than a year ago.

Inventories of rebar shrank 6.72% from a week earlier but rose 31.78% from a year earlier to 532,900 mt.

Stocks of wire rods, meanwhile, dipped 2.03% week on week to 400,500 mt, standing 64.14% higher than the same period last year.