Supply down, demand up; building materials social inventory destocking accelerates this period

Published: Sep 10, 2026 10:49

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Building materials social inventory: According to an SMM survey, total building materials social inventory destocking accelerated this period. As of September 10, 2026, SMM building materials social inventory stood at 5.2714 million mt, down 186,600 mt WoW, a decline of 3.42%. The acceleration was mainly driven by an increase in the number of steel mills undergoing maintenance and production cuts during the survey period, which reduced supply, while demand held steady with end-user purchases, speeding up social inventory destocking.
Regional social inventory: All regions showed destocking trends this period. In southwest China, demand improved, with increased end-user purchases and faster inventory destocking. East China also saw accelerated destocking: on one hand, price advantages in Hangzhou and Shanghai were not obvious recently, reducing incoming shipments from other regions; on the other hand, the impact of local high temperatures and rainy weather gradually weakened, construction at terminal projects sped up, and demand improved MoM from August. In central and north China, steel mill maintenance reduced resource supply, driving social inventory destocking. In northwest and south China, demand was mediocre, and inventory destocking was relatively slow.

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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