Long steel social inventories in Guangzhou rise after 6-week decline

SHANGHAI, Sep 4 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, grew after six consecutive weeks of decline, showed an SMM survey on Wednesday September 4.

Stocks increased 4.1% from a week ago to stand at 861,500 mt as of Wednesday September 4, compared to a drop of 1.3% in the week to August 28. The figure as of September 4 was some 36.92% higher than a year ago.

Inventories of rebar rose 1.04% from a week earlier and 27.47% from a year earlier to 458,400 mt.

Stocks of wire rods, meanwhile, expanded 7.81% week on week to 403,100 mt, standing 49.52% higher than the same period last year.