Downstream Enterprises Stockpile on Dips, Primary Lead Enterprise Inventory Nearly Sold Out [SMM Primary Lead Inventory Weekly Review]

          It is understood that as of September 17, in-factory inventory of primary lead for major delivery brands stood at 2,200 mt, down 7,000 mt WoW.

At the start of the week, lead prices fell sharply, prompting downstream enterprises to engage in concentrated bargain-hunting stockpiling, with spot market trading volume improving notably. After the price decline, secondary lead smelters swung back to losses, with some suspending shipments and others holding prices firm to sell, creating an inverted price relationship between secondary lead and primary lead that steered downstream procurement more toward the primary lead segment. This week, primary lead smelting enterprises generally reduced output, with primary lead from Henan becoming the most sought-after supply; spot cargo was nearly sold out, September production was fully booked, and sales orders extended as far as October 25. Even if some primary lead smelters resume operations after maintenance next week, the supply gap will be difficult to close, and primary lead enterprise inventory is expected to remain at low levels before the National Day holiday.