Lead ingot social inventories dropped further amid downstream restocking

SHANGHAI, Feb 5 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin dropped 6,800 mt from the prior week and declined 3,600 mt from February 1 to 36,600 mt as of Friday February 5, an SMM survey showed.

The survey showed that the inter-provincial logistics has decreased significantly this week, and the inventories at some smelters has increased. A small number of downstream companies continued to purchase lead ingots from nearby warehouses for restocking amid impeded logistics, which led to the decline in lead ingot social inventories.

The social inventories of lead ingots is expected to stand largely unchanged next week as most lead-acid battery companies has taken holidays, and the logistics has been suspended.