[SMM Analysis] Mill Inventory Edges Up, Social Inventory Destocks, Construction Steel Apparent Demand Improves

Published: Jun 18, 2026 11:53

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According to SMM statistics, mill inventory slightly increased while social inventory destocked slightly. Total construction steel inventory stood at 7.7927 million mt, down by 67,800 mt MoM, or -0.86% MoM. However, as the off-season gradually sets in, inventory will enter an accumulation phase.

Supply side, some EAF steel mills resumed production, phased order-taking increased, and operating hours intermittently ticked up, driving overall production higher. Meanwhile, with blast furnace steel mills still maintaining a slim profit, most producers kept output at previous levels. Demand side, restrictions during the gaokao period were released in a concentrated manner recently, and the earlier phased market rally also spurred some speculative demand, resulting in moderate overall transactions. According to SMM statistics, mill inventory slightly increased while social inventory destocked slightly. Total construction steel inventory stood at 7.7927 million mt, down by 67,800 mt MoM, or -0.86% MoM. However, as the off-season gradually sets in, inventory will enter an accumulation phase.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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