Long steel social inventories in Guangzhou fell 6.28% on week

SHANGHAI, Mar 24 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou decreased 6.28%, or 141,200 mt, in the week ended March 24 to 2.11 million mt, showed SMM data. Stocks were 13.87% lower than the same period last year.

Rebar accounted for 1.33 million mt of the social inventories, down 5.62% or 79,100 mt from a week ago and down 15.32% from a year ago. Meanwhile, wire rods inventories totalled 778,500 mt, down 7.39% or 62,100 mt week on week and down 11.28% year on year.

With the end-user demand basically returning to the normal level, long steel inventories posted faster decrease this week, and are expected to continue to post fast decrease in the following weeks.