Demand Gradually Improves; Building Materials Social Inventory Continues to Destock This Period

Published: Sep 17, 2026 11:13

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Building materials social inventory: According to an SMM survey, total building materials social inventory continued to destock this period. As of September 17, 2026, SMM building materials social inventory stood at 5.093 million mt, down 178,300 mt WoW, a decline of 3.38%. The main reason was that during the survey period, futures rebounded, market sentiment improved, and speculative purchases by agents increased. In addition, recent weather has been favorable, construction pace picked up slightly, and downstream purchases at low prices increased.
Regional social inventory: Most regions continued to destock this period, with east China destocking at a faster pace, mainly due to the start of downstream pre-holiday stockpiling demand. Inventory in some regions has already fallen below the same period last year. Demand in north China was relatively mediocre, with rigid demand purchases in Beijing and Shanxi performing weakly and inventory accumulating slightly. Inventory performance in other regions was basically normal.

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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