[SMM Construction Steel Weekly Balance] Construction Steel Total Inventory Destocking Pace Accelerated

Published: Apr 23, 2026 13:20

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According to SMM statistics, both mill inventory and social inventory continued to destock. Total construction steel inventory stood at 8.9874 million mt, down 381,300 mt WoW, or -4.07% WoW, with the destocking slope slightly accelerating.

On the supply side, multiple steel mills had construction steel rolling lines under maintenance, and a few EAF steel mills slightly reduced operating hours, leading to a decline in construction steel production. Demand side, international geopolitical situations fluctuated, while on the cost side, coke price hikes and resilient ore support drove rebar futures to fluctuate upward. Trading sentiment improved somewhat, with increased activity in basis trading. End-user willingness to purchase at low prices rose, and demand grew slightly. According to SMM statistics, both mill inventory and social inventory continued to destock. Total construction steel inventory stood at 8.9874 million mt, down 381,300 mt WoW, or -4.07% WoW, with the destocking slope slightly accelerating.

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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