SHANGHAI, Apr 29 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou continued to trend downsides this week, falling 1.86% from a week ago to 2.05 million mt as of April 29, 37.54% higher than the same period after the 2019 Chinese New Year holiday, showed SMM data.
The week-on-week decline slowed from a 3.18% drop last week.
As of April 29, inventories of rebar stood at 1.4 million mt, 0.4% higher than a week ago and 32.99% higher than the same period after the Chinese New Year holiday a year before.
Inventories of wire rods in Guangzhou shrank 6.34% week on week but rose 48.35% year on year to 656,000 mt.
