Long steel social inventories in Guangzhou fall for 5 weeks

SHANGHAI, Aug 21 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, fell for a fifth straight week this week, showed an SMM survey.

Stocks decreased by 3.4% from a week ago to stand at 838,500 mt as of Wednesday August 21, compared to a drop of 7.01% in the week to August 14. The figure as of August 21 was some 24.44% higher than a year ago.

Inventories of rebar shrank 5.04% from a week earlier but rose 18.79% from a year earlier to 467,100 mt.

Stocks of wire rods, meanwhile, dipped 1.25% week on week to 371,400 mt, standing 32.36% higher than the same period last year.