[SMM Analysis] Steel Mill Inventory Edges Up, While Social Inventory Falls

Published: Jun 18, 2026 11:53 (GMT+8)

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According to SMM statistics, mill inventory slightly increased while social inventory destocked slightly. Total construction steel inventory stood at 7.7927 million mt, down by 67,800 mt MoM, or -0.86% MoM. However, as the off-season gradually sets in, inventory will enter an accumulation phase.

Supply side, some EAF steel mills resumed production, phased order-taking increased, and operating hours intermittently ticked up, driving overall production higher. Meanwhile, with blast furnace steel mills still maintaining a slim profit, most producers kept output at previous levels. Demand side, restrictions during the gaokao period were released in a concentrated manner recently, and the earlier phased market rally also spurred some speculative demand, resulting in moderate overall transactions. According to SMM statistics, mill inventory slightly increased while social inventory destocked slightly. Total construction steel inventory stood at 7.7927 million mt, down by 67,800 mt MoM, or -0.86% MoM. However, as the off-season gradually sets in, inventory will enter an accumulation phase.

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