[SMM Analysis] Construction Steel Demand Shifted from Decline to Growth This Period

Published: May 28, 2026 11:23

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According to SMM statistics, both mill inventory and social inventory saw varying degrees of destocking. Total construction steel inventory stood at 7.8479 million mt, down 137,400 mt WoW, down 1.72% WoW, with destocking pace slowing down.

Supply side, some EAF steel mills shut down due to electric furnace technological transformation and upgrades this period, causing the national EAF steel mill operating rate to edge down WoW. Blast furnace steel mills maintained comprehensive profit above 100 yuan per mt, with strong production enthusiasm. Recently, some steel mills' construction steel rolling lines resumed production as planned, driving overall construction steel production to continue growing. Demand side, a coal mine accident boosted rebar futures and spot prices in the short term, spot market trading sentiment recovered, and market transactions improved somewhat. However, as the event sentiment was gradually digested, coupled with heavy rainfall in many parts of China, outdoor construction site operations and procurement pace were hindered, limiting further demand release. According to SMM statistics, both mill inventory and social inventory saw varying degrees of destocking. Total construction steel inventory stood at 7.8479 million mt, down 137,400 mt WoW, down 1.72% WoW, with destocking pace slowing down.

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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