Long steel social inventories in Guangzhou fall 1.1% on week

SHANGHAI, Sep 18 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, declined 1.08% from a week ago to 871,800 mt as of Wednesday September 18, after two consecutive weeks of gain, showed SMM data.

The stocks were 27.9% higher than the same period last year.

Rebar contributed to the week-on-week decline, and stocks of rebar across the region fell 8.82% to 421,600 mt, standing 7.01% higher than a year ago.

Stocks of wire rods grew 7.47% week on week and 56.54% year on year to 31,300 mt.