Long steel social inventories in Guangzhou fell 9.5% on week

SHANGHAI, May 13 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou fell faster this week, decreasing 9.53% from a week ago to 1.76 million mt as of Wednesday May 13, larger than a decline of 5.17% in the previous week, showed SMM data.

The stocks were 32.76% higher than the same period after the Lunar New Year holiday last year.

Rebar accounted for 1.24 million mt, down 8.05% from a week ago but up 33.47% from a lunar year ago.

The rest 522,100 mt is wire rods, down 12.84% week on week but 31.08% higher than the same period after the Lunar New Year the year before.