SHANGHAI, Mar 21 (SMM) - As of March 16, the inventory of lead concentrates at Lianyungang port stood at 14,000 mt, down slightly from a week earlier. According to SMM survey, although domestic mines gradually recovered in February, the recovery at smelters was relatively faster in the first quarter, extending the domestic concentrate supply gap.
Macro events such as the overseas banking crisis last week sent the US dollar index higher, leading to a strong risk aversion in the market. LME non-ferrous metals prices mostly retreated. But the drop in SHFE lead prices was limited, raising the SHFE/LME lead price ratio.
SMM learned that the import of lead concentrate was not profitable for the time being, and the transaction in the ore trade market was still relatively subdued. At the same time, there are still some primary lead smelters that have completed the signing of regular long-term contracts with overseas suppliers. A moderate amount of lead ore may arrive by the end of the first quarter, but the market is not expecting large volumes of shipments arrivals in March.
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