Long steel social inventories in Guangzhou rose 6% on week

SHANGHAI, Jan 8 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou increased 6.4% in the week ended January 8 to 977,400 mt, showed SMM data.

This marked a sixth straight week of gains and produced a year-over-year increase of 16.08%.

For the same week, stocks of rebar gained 6.08% to 712,100 mt, up 42.82% year on year. Stocks of wire rods climbed 7.28% this week to 265,300 mt, 22.7% lower than the same period last year.