China: Steel inventories at key CISA mills rise 6.4% in mid-Apr26

• Output growth outpaces uneven demand recovery
  
  
• Daily finished steel output rises 3.1% from early-Apr'26 levels
  
  

The China Iron and Steel Association (CISA) reported that total steel inventories at key Chinese enterprises stood at 18.63 million tonnes (mnt) in mid-April 2026 (11-20 April), up by 1.12 mnt or 6.4% from 17.51 mnt in early April 2026.

On a monthly basis, inventories increased by 0.72 mnt or 4% from 17.91 mnt in mid-March, and were also 1.92 mnt or 11.5% higher y-o-y compared with 16.71 mnt in mid-April 2025.

This inventory build-up was largely driven by output growth outpacing uneven demand recovery across segments. While overall apparent demand improved and construction materials saw strong destocking, demand for flat steel products such as hot-rolled coils and medium plates remained relatively weak. This divergence, along with continued production growth, limited inventory clearance at mills.

Production volumes

The average daily crude steel output of CISA-affiliated enterprises stood at 2.111 mnt in mid-April, up by 0.4% from 2.104 mnt in early April. However, output declined by 5.3% y-o-y from 2.229 mnt in mid-April 2025.

Average daily finished steel output stood at 2.015 mnt in mid-April, rising by 3.1% from 1.954 mnt in early April, but was 4.6% lower y-o-y.

Average daily pig iron output stood at 1.898 mnt in mid-April, up by 0.3% from 1.892 mnt in early April, though down by 3.4% compared with the same period last year.