Construction Steel Large-Sample Social Inventory Analysis 2026/03/05

Construction Steel Large-Sample Social Inventory Analysis

[Downstream demand had yet to fully recover, and construction steel social inventory continued its seasonal buildup]

Construction steel social inventory: According to the SMM survey, construction steel social inventory continued its seasonal buildup this week. As of March 5, 2026, SMM construction steel social inventory stood at 6.4017 million mt, with an inventory buildup of 825,200 mt WoW, up 14.8%, and the growth rate slowed slightly from the previous period. This was mainly because downstream construction sites had yet to fully resume work during the survey period, limiting purchases driven by rigid demand. Meanwhile, most steel mills maintained earlier production levels, with normal arrivals of supply, so inventory continued its seasonal buildup.

Regional social inventory: By region, inventories in all areas showed an inventory buildup trend this period, but at varying paces. Among them, north-west China saw a relatively fast overall inventory buildup, mainly because steel mills in the region continued normal production, while downstream demand was released slowly due to rain and snow, and concentrated arrivals of surrounding supply further led to a relatively notable increase in inventory. In Hangzhou, as downstream construction sites had yet to fully recover, coupled with inflows of supply from some spot-futures traders in the market, construction steel social inventory was higher YoY than the same period in the previous lunar year. Inventories in other regions generally saw a normal inventory buildup.