Long steel social inventories in Guangzhou 27% higher than a year ago

SHANGHAI, Mar 4 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou were 27.37% higher than the same period last year on a lunar calendar basis, showed SMM data.

As of Wednesday March 4, the overall stocks in Guangzhou stood at 2.484 million mt, up 0.37%, or 9,200 mt from a week earlier. The week-on-week increase continued to slow from a 5.49% rise last week. 

Inventories of rebar accounted for 1.63 million mt, 0.21% higher than a week ago and 28.84% higher than the same period after the Chinese New Year holiday a year before.

Inventories of wire rods in Guangzhou edged up 0.68% week on week and rose 24.67% year on year to 858,600 mt.