End-user procurement is weak and inventories are rising, and destocking space is limited in the short term [SMM Secondary Lead Inventory Weekly Review]

SMM June 26 news:

As of June 25, secondary lead finished product inventories stood at 23,500 mt, up 3,800 mt WoW from June 18. Currently, end-use consumption continues to weaken, coupled with mid-year enterprise inventory checks and ample pre-holiday stockpiling. Downstream purchasing enthusiasm is sluggish, causing inventories to keep accumulating. Next week, downstream users will start a new round of cargo pick-up under long-term contracts, but secondary lead spot orders lack price competitiveness, making it difficult to drive large-scale destocking. Moving forward, close attention should be paid to smelter production cuts and shutdowns. Only if enterprises collectively cut production to tighten supply will the destocking effect improve markedly.