Long steel social inventories in Guangzhou shrank 4.2% on week

SHANGHAI, Jun 3 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou continued to trend lower this week, falling 4.19%, or 66,900 mt, from a week ago to 1.53 million mt as of Wednesday June 3, showed SMM data.

The stocks were 32.62% higher than the same period last year.

Rebar accounted for 1.1 million mt, down 4.42% from a week ago but up 39.46% from a year ago.

The rest 432,800 mt was wire rods, down 3.59% week on week but up 17.96% year on year.