Long steel social inventories in Guangzhou fell 5% over the holiday

SHANGHAI, May 6 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou continued to trend lower over the five-day Labour Day holiday, falling 5.17% from a week ago to 1.95 million mt as of May 6, 36.25% higher than the same period after the Lunar New Year holiday last year, showed SMM data.

Rebar accounted for 1.35 million mt, down 3.52% from a week ago but up 34.55% from a lunar year ago.

The rest 599,000 mt is wire rods, down 8.69% week on week but 40.22% higher than the same period after the Lunar New Year the year before.