During the Chinese New Year, lead consumption was absent, and primary lead enterprise inventories surged significantly. [SMM Primary Lead Inventory Weekly Review]

        According to reports, as of February 26, the in-factory inventory of primary lead delivery brands stood at 48,300 mt, an increase of 38,300 mt compared to the pre-holiday period (February 12).

During the Chinese New Year, downstream lead enterprises were all on holiday, while some medium and large primary lead smelters maintained normal production. Coupled with logistics suspensions or delays during the holiday, smelters' in-factory inventory rose rapidly. Even though some suppliers transferred inventory to social warehouses after the holiday due to SHFE lead delivery factors, this did not alter the accumulation of inventory at smelters. Additionally, due to the current moderate performance of lead consumption, some primary lead enterprises have extended their maintenance plans. It is worth monitoring whether the recovery in lead consumption, following the basic resumption of production by downstream enterprises next week, will prompt a reduction in smelters' inventory.