[SMM Analysis] Weak Demand for Construction Steel During Off-Season
According to SMM statistics, mill inventory and social inventory continued to diverge this period. Steel mill production declined, and mill inventory still saw a slight destocking, while social inventory continued to build up, though the pace of inventory buildup slowed. Total construction steel inventory stood at 8.4788 million mt, up 0.06% MoM, an increase of 5,400 mt.