[SMM Analysis] Construction Steel Inventory Buildup Continues to Slow This Week

Published: Jul 23, 2026 11:37

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According to SMM statistics, both mill inventories and social inventories saw inventory buildup to varying degrees. Total construction steel inventories reached 8.4379 million mt, up 41,800 mt WoW, or up 0.50% WoW, with the pace of inventory buildup continuing to slow.

On the supply side this week, production of construction steel from both long-process and EAF mills grew to varying degrees. Some blast furnace mills resumed production on construction steel rolling lines as planned, while inventory pressure at a few EAF steel mills in east China eased slightly, leading to a small increase in operating hours. On the demand side, as extreme rainfall and typhoon weather in south China gradually receded, construction site conditions began to improve, and end-use demand saw an opportunity for marginal recovery. However, with the macro vacuum period ongoing, iron ore prices were in the doldrums, the first round of coke price cuts was implemented, and raw material support is gradually weakening. Construction steel prices are still consolidating at lows, traders generally maintain a wait-and-see sentiment, and downstream construction sites mainly purchase at low prices on an as-needed basis, resulting in limited overall demand growth. According to SMM statistics, both mill inventories and social inventories saw inventory buildup to varying degrees. Total construction steel inventories reached 8.4379 million mt, up 41,800 mt WoW, or up 0.50% WoW, with the pace of inventory buildup continuing to slow.

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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