[SMM Construction Steel Inventory: Stable Supply and Increasing Demand Accelerate Destocking of Construction Steel. Can the Destocking Speed Be Maintained After the Holiday?] This week, the total inventory of construction steel continued to destock. The total inventory of rebar decreased by 5.94% WoW, and the total inventory of wire rod decreased by 7.27% WoW.

[SMM Daily Rebar Review: Labour Day Holiday Approaches, Will Construction Steel Prices Remain Weak?] Today, rebar futures fluctuated downward, closing at 3,100, down 1.21% from the previous trading day. On the spot cargo side, quotes in most regions loosened, with declines ranging from 10 to 30 yuan/mt. Market sentiment significantly weakened compared to the previous two days, and trading atmosphere was poor. Additionally, as restocking before the holiday was largely completed, traders mostly maintained a wait-and-see attitude, and overall trading performance was average throughout the day.

SMM Daily Brief on Rebar Title: Approaching Labor Day Holiday, Can Weakness in Construction Steel Prices Be Reversed? Today, rebar futures fluctuated downward, closing at 3,100, down 1.21% from the previous trading day. In the spot market, most regions saw looser quotations, with declines ranging from 10 to 30 yuan/ton. Market sentiment weakened noticeably compared to the past two days, and trading activity was subdued. With pre-holiday restocking largely completed, traders mostly adopted a wait-and-see approach, resulting in generally muted overall trading performance. From a fundamental perspective: Supply side: According to SMM's weekly maintenance survey, this week's rebar production affected by maintenance stood at 1.1543 million tons, a decrease of 50,000 tons from the previous week, indicating a slight increase in supply. However, looking ahead to May, long-process steel mills have secured strong orders for billet exports, raising expectations of reduced finished steel output due to billet sales. Meanwhile, short-process mills continue to face declining operating rates due to scrap procurement challenges and poor profitability. Post-holiday finished steel supply pressures are expected to ease. Demand side: With futures trending downward, market transactions remained tepid, supported only by limited pre-holiday restocking demand. As the Labor Day holiday approaches, markets across regions are gradually entering holiday mode, leading to subdued trading enthusiasm and

【SMM Steel Morning Meeting Summary】Yesterday, rebar futures maintained a fluctuating trend, closing at 3,129, up 0.61% from the previous trading day. In the spot market, prices in some regions rose slightly, with increases ranging from 10 to 30 yuan/mt. The futures market lacked sustained performance, and market sentiment weakened somewhat, with overall trading volume being average. On the supply side, there has been strong demand for billet exports recently, with profit margins higher than those for rebar. Some manufacturers have nearly filled their billet orders for May-June, and there are expectations of reduced finished steel production. Additionally, many blast furnace steel mills have recently announced new maintenance plans, which may alleviate the supply pressure for finished steel after the holiday. On the demand side, influenced by the pullback in the morning session, market enthusiasm has diminished, with end-user purchases primarily driven by immediate needs. Overall, the current fundamental situation for construction steel is moderate. However, with intensified competition in the futures market and increased market caution, it is expected that construction steel prices will maintain a fluctuating trend in the short term.

Data from the National Bureau of Statistics show that in October 2023, China's average daily crude steel output was 2.5513 million mt, a month-on-month decrease of 3.8%, a new low this year.

Data from the National Bureau of Statistics showed that in September 2023, China's average daily crude steel output was 2.737 million mt, down 1.8% MoM.

The National Bureau of Statistics released China’s crude steel, pig iron and finished steel output in April, with details in table below.

According to data from the National Bureau of Statistics, in March 2023, China's average daily output of crude steel was 3.0881 million mt, a record high when compared to same period in history.