Supply Lifts, Demand Weak; Secondary Lead Inventory Accumulates [SMM Secondary Lead Inventory Weekly Review]

SMM June 5 News:

As of June 4, finished product inventories of secondary refined lead stood at 23,000 mt, up 1,300 mt WoW from May 28. This week, production resumptions at Anhui smelters released more cargo into the market, but downstream purchases were weak, leading to inventory buildup. Meanwhile, previously locked-in imported refined lead gradually arrived at ports and entered the market, diverting end-use demand. Next week, Anhui enterprises will continue to ramp up production. As raw material costs provide support for offers, secondary refined lead spot cargo will lack cost competitiveness, and inventories will continue their buildup trend.