According to SMM survey, the lead ingot social inventory across five major regions in China totalled 68,300 mt as of March 14, up 3,500 mt from March 7 and 1,000 mt from March 11.
According to research, the deliverable goods gradually arrived at warehouses before the delivery date of SHFE 2403 lead contract. Therefore, the lead ingot social inventory increased as expected to a two-month high. In mid-to-late March, some primary lead smelters plan to undertake maintenance, and the supply of lead ingots will be tightened. The active production of secondary lead smelters will make up for the production reduction of primary lead. This week, spot cargoes will be offered for sale after the delivery of the SHFE front-month contract. Downstream companies will purchase on demand. The increase in social inventories will slow down.
