[SMM Analysis] Construction Steel Inventory Drawdown Slows Notably

Published: May 07, 2026 11:08 (GMT+8)

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According to SMM statistics, steel mill inventory accumulated slightly, social inventory destocking decelerated, and total construction steel inventory stood at 8.4878 million mt, down 31,800 mt WoW (-0.37%), with the destocking slope flattening.

During this period, the supply side showed divergence between blast furnace and EAF production. On the blast furnace side, some steel mills completed maintenance on their construction steel rolling lines and resumed normal production. On the EAF side, some EAF steel mills sold steel billet externally, reducing construction steel production. With these offsetting factors, total construction steel production increased slightly. On the demand side, this period coincided with the Labour Day holiday, and construction site activity slowed down in some regions, with end-user procurement demand declining. According to SMM statistics, steel mill inventory accumulated slightly, social inventory destocking decelerated, and total construction steel inventory stood at 8.4878 million mt, down 31,800 mt WoW (-0.37%), with the destocking slope flattening.

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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