In March, raw material inventory at domestic lead smelters averaged 21.14 days of production, a month-on-month decrease of 0.65 day.
According to SMM survey, many beneficiation plants in Inner Mongolia and Gansu that were still closed or have not achieved stable production postponed concentrated sales of lead concentrate until April to May.
Although domestic lead ore production in March increased slightly compared with February, higher operating rates at refined lead smelters and the closed import window resulted in short supply of lead concentrate at smelters in the first quarter of the year.
The arrivals of imported lead concentrates under long-term contracts were delayed. Meanwhile, the days of raw material inventory at some smelters that scheduled for maintenance in April increased.
As such, most smelters reduced their inventories of lead concentrate and crude lead. Entering April, the supply of domestic lead concentrate is still increasing, and the enthusiasm of smelters to purchase may increase.
