Suppliers offloaded goods to clear inventory at September month-end, primary lead enterprise inventory declined further [SMM Primary Lead Inventory Weekly Review]

          According to SMM, as of September 30, in-factory inventory of primary lead delivery brands stood at 600 mt, down 200 mt WoW.

Before the National Day holiday, after downstream enterprises concentrated on stockpiling and cargo pick-up, primary lead smelters held a low base of lead ingot inventory. This week was the last week before the holiday, and some primary lead enterprises actively sold remaining September inventory and pre-sold October production. Spot quotes shifted from premiums to discounts, with offers in Hunan further lowered WoW to parity against the SMM #1 lead average price, and even negotiable to discounts. In addition, as primary lead smelters resumed production after maintenance, coupled with downstream enterprises taking holidays during the National Day period, supply-demand mismatch will lead to a rebound in smelter inventory after the holiday.