Social Inventory of Stainless Steel Continues to Decline: How Will Inventory Change After the Holiday? [[SMM Analysis]]

SMM, April 30, 2025,

This week (April 25-30, 2025), the total stainless steel inventory in the two major markets of Wuxi and Foshan continued to show a destocking trend. It decreased from 985,800 mt on April 24, 2025, to 975,400 mt on April 30, 2025, down 1.05% WoW, alleviating the inventory pressure of stainless steel social inventory.

Demand Side: Before the Labour Day holiday, there were some procurement and stockpiling activities based on rigid demand in the downstream. Overall, market demand remained stable. Given the current low prices, downstream enterprises and traders maintained a rhythm of restocking at any time.

Supply Side:As the month-end and the Labour Day holiday approached, stainless steel mills maintained a normal shipment pace, with some steel mills already entering the maintenance cycle.

200-series:In Wuxi, the 200-series inventory decreased from 95,100 mt to 93,400 mt, down 1.79% WoW; in Foshan, it decreased from 169,300 mt to 166,700 mt, down 1.54% WoW. The inventory of the 200-series in both regions declined, indicating strong market capacity to digest inventories.

300-series: In Wuxi, the 300-series inventory decreased from 359,900 mt to 355,300 mt, down 1.28% WoW; in Foshan, it decreased from 219,700 mt to 218,400 mt, down 0.59% WoW. The destocking in futures delivery warehouses was significant, but as the mainstream stainless steel variety, the demand growth momentum may be slightly insufficient.

400-series:In Wuxi, the 400-series inventory slightly decreased from 88,100 mt to 88,000 mt, down 0.11% WoW; in Foshan, it decreased from 53,700 mt to 53,600 mt, down 0.19% WoW. Affected by changes in export tariffs, the downstream demand for the 400-series was restricted. With few arrivals this week, the inventory showed a slight destocking trend.

It is expected that next week, influenced by the concentrated cargo pick-up after the Labour Day holiday and the maintenance of some stainless steel mills, the stainless steel inventory in the Wuxi and Foshan markets may continue the destocking trend.

For any inquiries about stainless steel, please contact Yang Chaoxing at 021-20707860 or 13585549799 (same WeChat ID).

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