Long steel social inventories in Guangzhou fall for 4 weeks

SHANGHAI, Aug 14 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, fell for a fourth straight week as of Wednesday August 14, showed an SMM survey.

Stocks decreased by 7.01% from a week ago to stand at 868,000 mt as of Wednesday August 14, accelerating from a decline of 4.76% in the week to August 7. This was some 29.07% higher than a year ago.

Inventories of rebar shrank 7.69% from a week earlier but rose 22% from a year earlier to 491,900 mt.

Stocks of wire rods, meanwhile, dipped 6.09% week on week to 376,100 mt, standing 39.66% higher than the same period last year.