In late March 2026, the steel inventory held by key statistical steel enterprises stood at 16.55 million tons—a decrease of 1.36 million tons (7.6%) compared to the previous ten-day period. This figure represents an increase of 2.41 million tons (17.0%) since the beginning of the year; a decrease of 0.79 million tons (4.6%) compared to the corresponding ten-day period of the previous month; an increase of 1.32 million tons (8.7%) compared to the corresponding ten-day period of the previous year; and a decrease of 1.88 million tons (10.2%) compared to the corresponding ten-day period of the year prior.

Analysis and Commentary

Stainless Steel Plates

Steel inventories declined by 7.6% month-on-month, signaling an improvement in market demand and an easing of supply pressures—factors that are bullish for spot prices of stainless steel plates. When viewed in conjunction with recent data from stainless steel futures (such as the closing price of 14,160 RMB/ton for the benchmark contract 2605, representing a gain of 40 RMB), the reduction in inventory is likely to bolster the upward trend in futures prices; the overall impact is moderately bullish.

Seamless Tubes

Steel inventories declined by 7.6% month-on-month, suggesting a potential strengthening in demand for seamless tubes—a category of steel products—which serves as a positive catalyst for their spot prices. The reduction in inventory alleviates market pressure regarding oversupply and drives prices upward; the overall impact is moderately bullish.

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