[SMM Copper Social Inventory Flash Update] As of July 30, 2026, SMM social inventory of copper cathode in major regions across China increased by 2,700 mt WoW from last Thursday (July 23) to 111,900 mt, and total inventory decreased by 7,400 mt compared to the same period last year. By region, supply and demand both weakened in Shanghai and Jiangsu, leading to a slight destocking; in Guangdong, arrivals contracted but downstream consumption recovery was insufficient, resulting in a slight accumulation of inventories. Regional inventory trends diverged, with overall fluctuations being relatively small.

GO Silicon Steel Price Dynamics Shanghai B23R085 grade: 12,200-12,200 yuan/mt Wuhan 23RK085 grade: 11,600-11,600 yuan/mt This week, China's domestic grain-oriented silicon steel market showed overall regional divergence. Shanghai spot prices remained stable, while Wuhan market quotes weakened and declined. Steel mills held a strong intention to hold prices firm, raising the base price for GO silicon steel by 50 yuan/mt in August, with no significant change in ex-works policies. The supply-demand situation stayed generally stable. Steel mill production pace was steady, resource supply was orderly, and market circulation inventory remained within a reasonable range, though regional inventory digestion speed varied. Downstream end-users such as transformer enterprises were mainly purchasing as needed and making just-in-time procurement. The overall transaction pace was moderate, and market trading sentiment was cautious and rational. Shanghai traders insisted on stabilizing prices for shipments and adopted a wait-and-see attitude, while Wuhan merchants faced increasing pressure to sell, leading to a rise in small price concessions. Looking at the overall market fundamentals, bullish and bearish factors currently check each other. The cost side provided bottom support, coupled with the underpinning effect of steel mill pricing policies, limiting room for a deep decline. However, the demand side showed no clear improvement. Overall, the GO silicon steel market is expected to consolidate on a subdued note next week, with a slight downward bias. Some room for price reduction exists locally. The market remains dominated by just-in-time procurement and a wait-and-see approach to maintaining stability, making a one-sided price trend unlikely in the short term. Data Source Statement: Except for publicly available information, other data are derived from public information, market communication, and SMM's internal database models, processed by SMM. They are for reference only and do not constitute decision-making advice. Note: This article is original content belonging to this official account. For reprint, whitelisting, cooperation, and other requests, please contact us. Without permission, reproduction, modification, use, sale, transfer, display, translation, compilation, and dissemination of the above content, or disclosing it to or permitting its use by any third party in any other form, is prohibited. Otherwise, once discovered, Shanghai Metals Market will pursue legal liability for infringement, including but not limited to claiming contractual breach liability, restitution of unjust enrichment, and compensation for direct and indirect economic losses.

Building Materials Social Inventory: According to the SMM survey, the pace of inventory buildup for total building materials social inventory continued to slow down this period. As of July 23, 2026, SMM building materials social inventory stood at 5.6155 million mt, with inventory buildup of 11,400 mt WoW, an increase of 0.20%.

[SMM Copper Social Inventory Flash] As of July 20, 2026, SMM social inventory of copper cathode in major regions across China fell by 32,700 mt WoW from last Monday (July 13) to 107,300 mt. Total inventory was down 11,300 mt compared to the same period last year, hitting a new low for the year. By region, in Shanghai, as concentrated maintenance at domestic smelters has yet to fully conclude, arrivals of domestically produced copper declined, and coupled with fewer imported materials, inventory continued to draw down. In Guangdong, both supply and demand were weak, and some spot cargoes flowed to the east China market, driving a corresponding decline in regional inventory.

Social inventory of building materials: According to an SMM survey, the total social inventory buildup of building materials continued to slow down this period. As of July 16, 2026, SMM building materials social inventory stood at 5.6042 million mt, up by 44,700 mt WoW, an increase of 0.80%. The main reason was that during the survey period, affected by typhoon and rainy weather, arrivals of resources in some regions decreased, causing the pace of social inventory buildup to slow down. Social inventory by region: Currently, regional inventory performance diverged. In east China, overall inventory edged up slightly, mainly due to the impact of typhoon weather over the weekend, which led to temporary closures at riverside terminals and restricted construction at downstream sites, slightly slowing the pace of purchases. In some areas such as Nanjing and Fujian, reduced production at steel mills led to fewer arrivals of resources, causing social inventory to slightly destock. In the northeast, some places were hit by heavy rain and floods, triggering a Level I flood control and drainage response. All downstream construction sites were suspended, accelerating inventory buildup. In the northwest, the inflow of external resources from the north has recently decreased, resulting in a slight reduction in inventory. Other regions basically experienced normal inventory buildup.

[Weak downstream procurement demand during the week, spot premiums declined] Guangdong spot premiums fell 20 yuan/mt WoW this week. As of Friday, mainstream #0 zinc was quoted at a discount of 100-80 yuan/mt against the market in Guangdong, and the Shanghai-Guangdong price spread widened...