Weakening Lead Prices Stimulated Downstream Purchases, Primary Lead Enterprise Factory Inventory Declined [SMM Primary Lead Inventory Weekly Review]

          As of May 21, the in-factory inventory of major primary lead delivery brands stood at 13,400 mt, down 9,900 mt WoW. In the first half of the week, lead prices weakened, with spot lead falling below 16,300 yuan/mt. Losses for secondary lead deepened, and secondary lead smelters became less willing to ship, with some even temporarily suspending shipments. Meanwhile, as lead prices declined, downstream enterprises gradually bought the dip, with procurement tilting toward the primary lead segment, driving down in-factory inventory at primary lead smelters.