Long steel social inventories in Guangzhou 9% higher than a year ago

SHANGHAI, Feb 12 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou stood at 2.05 million mt as of February 12, the second Wednesday after the Lunar New Year holiday, showed SMM data.

This was up 910,200 mt, or 79.49% from January 17, the last Friday before the holiday, and 9.11% higher than the level seen in the second week after the Lunar New Year holiday last year.

Stocks of rebar in Guangzhou rose 63.88% from January 17 to 1.32 million mt, 15.78% higher than the same period after the Lunar New Year holiday last year, while inventories of wire and rods increased 116.52% to 735,100 mt, down 1.12% year on year.