Chinese mills pumping up the steel production with social inventories of long steel including both wire rod and steel rebar climbing in Guangzhou (Guangdong province).
- As per the data, the long steel inventory in Guangzhou surged to stand at 892,200 mt (as on 8 October 2019), which marked a 5.39 per cent increase for the reporting period ended 25 September 2019.
- The stocks of long steel were 11.83 per cent higher against the previous corresponding period stocks in 2018.
- The steel rebar inventories surged by 2.7 per cent to stand at 430,000 mt (as on 8 October 2019) and 1.42 per cent against the same period in 2018.
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