SHANGHAI, Nov 13 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin expanded about 5,200 mt from the prior week to 35,200 mt as of Friday November 13.
As lead prices increased this week losses at secondary lead smelters recovered, and some secondary smelters started to restore production. Meanwhile, refined lead smelters also recovered from maintenance. But downstream consumption was tepid as battery makers were cautious about restocking as they still had feedstock inventories on hand. In addition, some sellers tended to deliver cargoes to social warehouses rather than selling at deep discounts.
Lead social inventories are likely to rise further next week as resumed smelters may step up production while consumption may remain sluggish.
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