[SMM Xi'an Building Materials Inventory] Steel Mill Production Cuts Combined with Downstream Restocking Accelerate Market Inventory Drawdown

As of September 30, total building materials inventory in Xi'an this week was 226,000 mt, down 25,500 mt WoW, a decline of 10.14%, and down 74,500 mt YoY, a YoY decline of 24.79%. Steel mills continued to incur losses per mt of steel, with some mills scheduling blast furnace maintenance shutdowns, leading to a decline in building materials production. Coupled with restocking demand ahead of the double holidays, downstream purchasing momentum rebounded, accelerating the pace of overall market inventory destocking this week.