Long steel inventories in Guangzhou dip for eight weeks
Social inventories of long steel in Guangzhou, Guangdong province fell nearly 7.3% on the week and stood at 1.55 million mt as of Thursday May 10, SMM data showed.
Inventories shrank 122,100 mt from a week ago, and this marked the eighth consecutive week of decline. The drop was at a faster rate from 2.5% a week ago.
Rebar inventories shrank 60,700 mt to 1.06 million mt and stocks of wire rod dropped 61,400 mt to 497,000 mt.