Long steel social inventories in Guangzhou extended declines

SHANGHAI, Aug 5 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou decreased 3.84%, or 52,600 mt on week but surged 40.98% on year to 1.32 million mt as of August 5, showed SMM data. Demand improved after the wet season ended, leading to a stable decline in inventories. Rebar accounted for 833,400 mt of the stocks, down 6.48% from a week ago but up 56.39% from a year earlier. The rest 482,500 mt was wire rods, up 1.07% week on week and up 20.5% year on year.