Long steel social inventories in Guangzhou 29% higher than a year ago

SHANGHAI, Feb 26 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou were 29.3% higher than the same period last year on a lunar calendar basis, showed SMM data.

As of Wednesday February 26, the overall stocks stood at 2.48 million mt, up 5.49%, or 128,900 mt from a week earlier. The week-on-week increase slowed from a 14.16% rise last week. 

Inventories of rebar accounted for 1.62 million mt, 6.69% higher than a week ago and 31.5% higher than the same period after the Chinese New Year holiday a year before.

Inventories of wire rods in Guangzhou increased 3.28% week on week and 25.3% year on year to 852,800 mt.