Downstream Enterprises Cautious in Purchasing, Primary Lead Enterprise Inventory Accumulated Again [SMM Primary Lead Inventory Weekly Review]

Published: Apr 10, 2026 16:10

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As of April 10, in-factory inventory of major delivery brands of primary lead stood at 19,700 mt, an increase of approximately 3,000 mt WoW.

This week, lead prices held up well, with SHFE lead once approaching 16,900 yuan/mt. Suppliers actively made shipments, and primary lead smelters in south China switched to shipping at discounts. Spot order quotations were quoted at premiums of approximately -50 yuan/mt against the SMM #1 lead average price on an ex-factory basis. However, after lead prices rose, downstream enterprises showed notably weakened enthusiasm to purchase. Apart from just-in-time procurement, they made no additional purchases. Smelters faced increasing difficulty in making shipments, leading to a buildup in in-factory inventory. In addition, next week is the delivery week for the SHFE lead 2605 contract, and some suppliers intend to transfer inventory and ship to delivery warehouses. It is expected that smelters' inventory pressure will ease relatively going forward.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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