Long steel social inventories in Guangzhou shrank 2.6% on week

SHANGHAI, May 27 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou posted slower declines this week, falling 2.64%, or 43,300 mt, from a week ago to 1.6 million mt as of Wednesday May 27, smaller than a drop of 6.83% in the previous week, showed SMM data.

The stocks were 35.22% higher than the same period after the Chinese New Year holiday last year.

Rebar accounted for 1.15 million mt, down 1.55% from a week ago but up 38.84% from a lunar year ago.

The rest 448,900 mt was wire rods, down 5.32% week on week but up 26.77% from the same period after the Chinese New Year in 2019.