Consumption Weakened, Substitution by Recycled Lead, Primary Lead In-Plant Inventory Reversed Trend and Rose [SMM Weekly Review of Primary Lead Inventory]

Published: Mar 28, 2025 17:01

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SMM reported on March 28 that, as of March 24, the in-plant inventory of primary lead delivery brands was 5,900 mt, an increase of 900 mt compared to March 21. As April approaches, the demand for lead-acid batteries has weakened, coupled with high lead prices, leading to a decline in purchasing enthusiasm among downstream enterprises. Some companies have even temporarily delayed picking up goods under long-term contracts, increasing the resistance for primary lead enterprises to sell their products. Recently, primary lead enterprises have been undergoing both maintenance and resumption of operations, resulting in a temporary reduction in lead ingot supply, but the regional supply differences have narrowed. Meanwhile, the supply of secondary lead has increased, supplemented by imported crude lead, leading to an expansion in the discount for secondary refined lead shipments, reported at a discount of 160-50 yuan/mt ex-factory against the average price of #1 lead. The rigid demand from downstream enterprises has caused a reversal in the inventory trend of primary lead in-plant inventories.

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