Lead Ingot Social Inventory Surges to 5-Month High, Exceeding 60,000 mt Post-Chinese New Year

Published: Feb 24, 2026 13:33

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According to SMM, as of February 24, the total social inventory of SMM lead ingots across five locations exceeded the 60,000 mt mark, rising to a five-month high. During the Chinese New Year holiday, due to varying holiday schedules among upstream and downstream enterprises, lead-acid battery enterprises had longer holidays than smelters, leading to an inventory buildup of lead ingots during the holiday period. Meanwhile, today was the delivery day for the SHFE lead 2602 contract, and suppliers relocated inventory to delivery warehouses. The post-Chinese New Year lead ingot inventory buildup doubled compared to previous years. Subsequent attention should be paid to the pace of downstream enterprise resumption of work and consumption recovery.

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