[SMM Construction Materials Large-Sample Social Inventory] Demand Continued to Recover, and Social Inventory Performance Varied Across Regions

Construction Materials Social Inventory: According to the SMM survey, total construction materials inventory posted a slight buildup this week, but the pace slowed further. As of March 19, 2026, SMM construction materials social inventory stood at 6.96 million mt, up 159,900 mt WoW, or 2.35%, with the buildup pace continuing to slow from the previous period. During the survey period, end-use demand recovered somewhat, and downstream construction sites saw improved resumption rates and better rigid-demand purchases WoW. However, market participants generally remained cautious about the outlook, with a lack of large-scale concentrated procurement. As a result, social inventory still posted a slight buildup this week, but at a slower pace.

Regional Social Inventory: By region, social inventory performance diverged slightly across different areas this period. Among them, demand in south-west China recovered relatively quickly, with moderate rigid-demand purchases, and overall inventory has shifted from buildup to decline; in Fujian and Shenyang, reduced arrivals due to low production at some steel mills also led to slight inventory drawdowns. In the remaining regions, inventory generally continued to build up at a normal pace, though the buildup rate slowed somewhat.