Steel inventories across five major product categories fell by 1.8% in the week of November 5, 2026, even as supply increased, according to Mysteel. The figures point to a market characterized by strong supply and weak demand, while stocks continued to decline.

Supply totaled 8.0489 million tonnes, up 70,900 tonnes from the previous week. Total inventories fell by 249,600 tonnes to 13.7982 million tonnes, while weekly consumption was 8.2985 million tonnes.

Consumption exceeded supply by 249,600 tonnes during the week, matching the reported reduction in inventories. The drawdown therefore shows that the market absorbed more steel than was supplied over that period, although it does not establish whether demand strengthened from the previous week.

The relationship between supply and consumption will be important to watch in subsequent data. If supply continues to rise without a corresponding increase in consumption, the pace of inventory reduction could slow or reverse.