[SMM Construction Steel Weekly Balance] Total Construction Steel Inventory Maintained Destocking Trend

Published: Apr 10, 2026 11:35

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According to SMM statistics, total construction steel inventory this week was 9.6697 million mt, down 311,200 mt WoW (-3.12%). Both mill inventory and social inventory continued destocking, though the pace of mill inventory destocking slowed down slightly.

Construction Steel Supply and Demand Data Analysis for This Period —

On the supply side this week, regional performance diverged. Some steel mills in south China saw notable production cuts, followed by new production line maintenance at steel mills in north and northwest China. However, as some steel mills in east China resumed production after maintenance, the production increase became evident this period, resulting in a relatively small overall production decline. On the demand side, construction site schedules in many regions were affected by rainy weather. Additionally, the market was in the doldrums, with downstream buyers mainly making just-in-time procurement, and demand growth fell short of the same period in previous years. According to SMM statistics, total construction steel inventory this week was 9.6697 million mt, down 311,200 mt WoW (-3.12%). Both mill inventory and social inventory continued destocking, though the pace of mill inventory destocking slowed down slightly.

Forecast for the Next Period —

Considering blast furnace maintenance completion and production resumptions in east China in the next period, surplus hot metal is expected to flow to construction steel production lines, driving construction steel production growth. Production in the next period is projected at 2.8458 million mt, up 1.5% WoW. As temperatures in the north gradually rebound and favorable weather for construction site work increases, end-user procurement demand is expected to grow steadily. Construction steel apparent demand is projected at 3.165 million mt, up 1.6% WoW. Total construction steel inventory is expected to continue a slow destocking trend, with the destocking pace likely around -3.3%.

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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