In mid April 2026, steel inventory of steel enterprises surged by 31.8% compared to the beginning of the year

China Iron and Steel Association: In mid April 2026, key statistics show that steel enterprises produced a total of 21.11 million tons of crude steel, with an average daily output of 2.111 million tons and a month on month increase of 0.4% in daily output; 18.98 million tons of pig iron were produced, with an average daily output of 1.898 million tons and a month on month increase of 0.3%; Steel production reached 15.05 million tons, with an average daily output of 2.015 million tons and a month on month increase of 3.1%. In mid April 2026, the key statistics showed that the steel inventory of steel enterprises was 18.63 million tons, an increase of 1.12 million tons or 6.4% compared to the previous decade; An increase of 4.49 million tons, or 31.8%, compared to the beginning of the year; An increase of 720000 tons, or 4.0%, compared to the same period last month; An increase of 1.92 million tons, or 11.5%, compared to the same period last year, and an increase of 510000 tons, or 2.8%, compared to the same period the previous year.

According to data from mid April 2026, steel inventory of steel companies is at a relatively high level in the past three years compared to the same period last year, with an increase of 1.92 million tons (+11.5%) compared to the same period last year and 510000 tons (+2.8%) compared to the same period last year, indicating a relatively high absolute inventory pressure. At the same time, steel inventory in mid April increased by 1.12 million tons (+6.4%) compared to early April, reflecting a slow pace of demand recovery during the peak season and a seasonal mismatch between supply and demand leading to inventory rising against the seasonal trend.

From a longer-term inventory cycle perspective, the inventory turning point of the first quarter has emerged, and inventory pressure is slowly being released. Before the Spring Festival this year, the willingness of traders to store in winter was low, and the recovery of demand after the holiday lagged behind. Steel inventory reached a high level after 8 consecutive weeks of accumulation. The inventory of the five major types of steel is 18.9784 million tons, a decrease of 483900 tons compared to the previous week. The process of inventory reduction has been initiated. However, the current inventory of hot rolled, cold-rolled, hot-rolled strip steel and steel billets has still increased to varying degrees year-on-year (+5.7%,+8.7%,+12.8% and+141% respectively), and the structural contradiction of inventory still exists.