SHANGHAI, Sep 2 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou increased 2.76%, or 35,500 mt, in the week ended September 2 to 1.32 million mt, showed SMM data. The stocks were 53.17% higher than the same period last year.
Rebar accounted for 798,500 mt, up 1.24% from a week ago and up 74.19% from a year ago.
The rest 521,100 mt was wire rods, up 5.19% week on week and 29.3% year on year.
Muted trades led to the buildup of inventories.