SMM April 9 reported that this week, the total stainless steel inventory across the Wuxi and Foshan markets saw slight destocking, declining from 984,100 mt on April 2, 2026 to 978,700 mt on April 9, 2026, down 0.55% WoW. Stainless steel social inventory showed a slight destocking trend this week. The week entered April, coinciding with the Qingming Festival, but the holiday was relatively short, and the market did not see significant stockpiling demand. Downstream end-user procurement remained driven by rigid demand throughout, with no concentrated restocking wave forming. Futures side, the US-Iran conflict de-escalated during the week, with news of a two-week ceasefire between the two sides, easing market sentiment. Futures were lifted accordingly and probed higher, which in turn boosted spot market confidence. Spot inquiries and transactions recovered somewhat, directly driving a slight inventory reduction. However, it should be noted that geopolitical conflict risks had not been fully eliminated, short-term disruptions persisted, and the cautious sentiment among downstream end-users had not entirely dissipated, with a consistent lack of willingness to proactively stockpile. Supply side, steel mills concentrated their distribution to the market at the end of March, resulting in elevated arrivals in the earlier period, while this week's market arrivals decreased WoW, alleviating inventory accumulation pressure to some extent. However, stainless steel mill production schedules remained at high levels in April, and supply-side pressure continued to persist, posing significant challenges to further destocking. Coupled with the potential uncertainties of geopolitical conflicts at the macro perspective, the overall cautious atmosphere in the market had not fully faded, further constraining the pace of destocking. Overall, this week's slight destocking was primarily driven by the combined effects of the US-Iran ceasefire lifting futures, improved spot transactions, and reduced arrivals this week. Currently, steel mills' high production schedule pace had not changed significantly, and social inventory still faced considerable destocking pressure against the backdrop of high supply. Although spot transactions recovered somewhat, the cautious sentiment among downstream players was difficult to change, making significant destocking unlikely in the short term. Going forward, the trajectory of inventory will still hinge on the evolution of geopolitical conflicts, the direction of futures, and the intensity of actual downstream demand release.

Demand Growth Was Limited This Week, Total Inventory Continued to Decline Slowly

[SMM Daily Brief Review of Coking Coal and Coke] Supply side, costs increased further, losses at most coke producers widened, and willingness to push for a coke price hike strengthened, but a coke price hike is expected to be implemented, while coke production remained stable. Demand side, finished steel shipments improved somewhat, steel inventories began to decline, steel mills became more willing to produce, and daily average hot metal production continued to increase, raising acceptance of higher coke prices. In summary, coke fundamentals have turned tighter, and the coke market may remain generally stable with slight rise in the short term, with a coke price hike expected to be implemented.

This week, ferrous metals fluctuated at highs, with raw material ore and coking products outperforming steel. Against the backdrop of the escalating conflict in the Middle East, ore and coking products held up well, supported by higher shipping costs and transmission from coal and coke as energy substitutes. In the second half of the week, supply and demand data for hot-rolled coil and rebar were released. The increase in rebar inventory slowed markedly; however, hot-rolled coil demand was lower than the same period last year, and the pace of post-holiday recovery was relatively slow, leaving steel as a whole with limited upward momentum, while futures retreated after rapid rise. In the spot market, trading in the Chinese market was average this week.....

This week, total rebar inventory stood at 8.3525 million mt, up 57,800 mt WoW, or 0.7% (previously +3.46%). Compared with the same period of the lunar calendar last year, it increased by 281,200 mt, or 3.48% (previously +4.58%).

Total rebar inventory stood at 8.2948 million mt this week, up 277,000 mt WoW, or 3.46% (previous: +11.33%), and up 363,200 mt from the same period of the previous lunar year, or 4.58% (previous: +4.6%).

[SMM coking coal and coke daily brief] In terms of supply, the average profit per mt of coke is around the break-even point, with normal production. However, due to downstream wait-and-see sentiment and some steel mills controlling arrivals, the shipment pace of some coke enterprises has slowed down, leading to a continuous accumulation of coke inventory. On the demand side, the resumption of production at steel mills is slow, and their own coke inventories are at reasonable levels. Additionally, during the Chinese New Year, the accumulation of finished product inventory led to continuously compressed steel mill profits, resulting in mainly purchasing coke as needed. In summary, the willingness of steel mills to seek profit from the raw material end is increasing, and recently, cost support for coke may weaken. Therefore, the current market is characterized by a strong wait-and-see sentiment, and in the short term, the coke market is expected to be in the doldrums, with expectations of price reductions.

This week, ferrous metals were in the doldrums. There were no significant macro disturbances during the week. The pullback in the US dollar index led to a rebound in nonferrous metals and the A-share market, but ferrous metals did not follow the trend noticeably. Instead, pressure from bears weighed on finished steel prices. On the spot market, most markets have already entered a holiday shutdown. Spot prices remained basically stable, while market transactions contracted sharply...

SMM February 12, the total stainless steel inventory in Wuxi and Foshan markets showed a further buildup trend this week (February 6–12, 2026), decreasing from 868,600 mt on February 5, 2026 to 894,500 mt on February 12, 2026, up 2.98% WoW. This week, social inventory of stainless steel continued to rise. SS futures were driven by news related to Indonesian nickel ore approvals, showing a strengthening and upward trend mid-week, providing some sentiment support to the market. Ahead of the Chinese New Year holiday, trading activity gradually cooled, with most traders already on holiday, leading to few actual transactions during the week. Coupled with the gradual suspension of logistics, some public warehouses were in a "inbound-only, no outbound" state, hindering the flow of goods and directly driving a noticeable increase in stainless steel social inventory this week. In terms of the nature of the inventory buildup, stainless steel social inventory typically experiences a seasonal rise during the Chinese New Year holiday period, which aligns with normal market patterns. Moreover, current inventory levels remain in the lower range, and the short-term accumulation has not created supply pressure. Combined with market optimism for the post-holiday "Golden March, Silver April" peak consumption season, market confidence is relatively strong. Overall, this week’s inventory buildup was mainly driven by the approaching Chinese New Year holiday, logistics constraints, and seasonal factors. Despite sluggish short-term transactions and rising inventory, supported by periodic futures strength, low inventory levels, and optimistic post-holiday expectations, overall market confidence remains solid, and the short-term seasonal inventory accumulation has not significantly suppressed the market’s long-term trend.

This week, the total rebar inventory stood at 5.1467 million mt, a decrease of 19,900 mt WoW, down 0.39% MoM, and down 29.04% YoY on the lunar calendar. This week, the social rebar inventory was 3.3144 million mt, an increase of 28,600 mt WoW, up 0.87% MoM, and down 37.59% YoY on the lunar calendar. This week, the in-plant rebar inventory was 1.8323 million mt, a decrease of 48,500 mt WoW, down 2.58% MoM, and down 5.66% YoY on the lunar calendar. This week, the total wire rod inventory was 1.0834 million mt, an increase of 7,500 mt WoW, up 0.70% MoM, and down 40.06% YoY on the lunar calendar. This week, the social wire rod inventory was 547,500 mt, an increase of 20,700 mt WoW, up 3.92% MoM, and down 32.38% YoY on the lunar calendar. This week, the in-plant wire rod inventory was 535,900 mt, a decrease of 13,100 mt WoW, down 2.39% MoM, and down 46.29% YoY on the lunar calendar.