Secondary Lead Inventory Buildup During Holiday Trading Halt, Post-Holiday Recovery of Rigid Demand Expected to Drive Slight Destocking [SMM Secondary Lead Inventory Weekly Review]

SMM May 8 update:

As of May 7, secondary lead finished product inventories stood at 18,900 mt, a slight inventory buildup of 320 mt compared to April 30. During the holiday, downstream operations were suspended and the market was closed, with spot cargo trading essentially at a standstill. The expanded scope of production cuts and shutdowns at secondary lead smelters constrained inventory increases to some extent, resulting in a relatively limited buildup. Looking ahead to next week, secondary lead operating rates are expected to remain low, while downstream players are expected to gradually return to the market and restock for rigid demand, and finished product inventories are expected to see slight destocking.