Long steel social inventories in Guangzhou fell 3.6% on week

SHANGHAI, Jul 8 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou decreased 3.64%, or 55,500 mt, in the week ended July 8 to 1.47 million mt, showed SMM data.

This was much larger than a dip of 0.5%, or 7,700 mt in the previous week.

The stocks were 36.35% higher than the same period last year.

Rebar accounted for 989,400 mt, down 5% from a week ago but up 55.59% from a year ago.

The rest 480,000 mt was wire rods, down 0.7% week on week but up 8.65% year on year.