Long steel social inventories in Guangzhou rose for 1st time in 17 weeks

SHANGHAI, Jun 24 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou increased 1.69%, or 25,500 mt, in the week ended June 24 to 1.53 million mt, marking the first rise in 17 weeks, showed SMM data.

The stocks were 44.8% higher than the same period last year.

Rebar accounted for 1.07 million mt, down 0.2% from a week ago but up 57.02% from a year ago.

The rest 463,000 mt was wire rods, up 6.34% week on week and 22.75% year on year.