Long steel social inventories in Guangzhou edged down 500 mt on week

SHANGHAI, Jul 16 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou decreased 0.03%, or 500 mt, in the week ended July 15 to 1.469 million mt, showed SMM data.

That marked the third consecutive week of decline in Guangzhou inventories as downstream demand improved as the market has roughly shrugged off the impact of the rainy season. 

However, the decline this week was significantly slower than a drop of 3.64%, or 55,500 mt in the previous week, due to slow shipments of cargoes that were backlogged during the wet season. 

As of July 15, the stocks were 36.3% higher than the same period last year.

Rebar accounted for 961,100 mt of the stocks, down 2.86% from a week ago but up 51.14% from a year ago.

The rest 507,800 mt was wire rods, up 5.79% week on week and up 14.94% year on year.