Long steel social inventories in Guangzhou shrank 6.8% on week

SHANGHAI, May 20 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou posted slower declines this week, decreasing 6.83%, or 120,200 mt, from a week ago to 1.64 million mt as of Wednesday May 20, smaller than a drop of 9.53% in the previous week, showed SMM data.

The stocks were 28.73% higher than the same period after the Chinese New Year holiday last year.

Rebar accounted for 1.17 million mt, down 5.83% from a week ago but up 29.73% from a lunar year ago.

The rest 474,100 mt was wire rods, down 9.19% week on week but up 26.33% from the same period after the Chinese New Year in 2019.