Suppliers' inventory transfers and deliveries to warehouses increase, easing in-factory inventory pressure for primary lead enterprises [SMM Primary Lead Inventory Weekly Review]

Published: Jul 31, 2026 17:11

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It is learned that as of July 30, the in-factory inventory of major primary lead delivery brands stood at 24,400 mt, a decrease of 5,900 mt WoW.

This week, production at primary lead smelters remained stable with a slight increase, while downstream enterprises were cautious in purchasing, and spot lead was generally traded at a discount, with the spread between futures and spot prices around 150-200 yuan/mt. Some suppliers shifted inventories to delivery warehouses, helping to ease in-factory inventory pressure on smelters.

Next week, as we enter August and a new round of futures delivery approaches, with lead prices continuing to consolidate at lows, suppliers will still mainly focus on hedging and delivery. It is expected that more in-factory lead ingots will be transferred to delivery warehouses.

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