Long steel social inventories in Guangzhou jumped 14% on week

SHANGHAI, Jan 2 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou stood at 918,600 mt as of January 2, showed SMM data.

This was up 14.08% from December 25 and 17.83% from a year ago. The stocks have risen for five consecutive weeks.

During the same period, stocks of rebar gained 19.02% to 671,300 mt, up 51.06% year on year. Stocks of wire rods climbed 2.53% this week to 247,300 mt, 26.2% lower than the same period last year.