SHANGHAI, Jul 1 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou decreased 0.5%, or 7,700 mt, in the week ended July 1 to 1.52 million mt, showed SMM data.
This came after an increase of 1.69%, or 25,500 mt in the previous week, which marked the first rise in 17 weeks.
The stocks were 52.61% higher than the same period last year.
Rebar accounted for 1.04 million mt, down 2.63% from a week ago but up 67.44% from a year ago.
The rest 483,400 mt was wire rods, up 4.41% week on week and 28.15% year on year.