SHANGHAI, Feb 21 (SMM) – Social inventories of lead ingots in China continued to increase this week as smelters stepped up deliveries to social warehouses following transportation recovery.
SMM data showed that lead social stocks across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin rose nearly 3,500 mt in the week ended February 21 to 42,000 mt, after an increase of 8,500 mt in the previous week.
Downstream consumers, meanwhile, have yet to ramp up production, and mainly consumed lead supplies under long-term contracts, which did not help deplete inventories at social warehouses.
Demand is expected to recover further next week, as more downstream consumers will resume operations. That, coupled with production cuts at some smelters, will slow the uptrend in lead social inventories.
![공급사 출하 심리 엇갈려, 납괴 거래 여전히 부진 [SMM 납 조간 회의 요약]](https://imgqn.smm.cn/usercenter/guTSZ20251217171722.jpg)
![납 가격 상승 모멘텀 부재， 야간 납 선물 횡보 [SMM 납 모닝 브리프]](https://imgqn.smm.cn/usercenter/hrxHx20251217171721.jpeg)
![SHFE 납 최다 거래 계약, 월물 교체 이후 조정 후 반등, 현물 약세로 선물 가격 상승 제한 [납 선물 브리핑]](https://imgqn.smm.cn/usercenter/lIHfM20251217171721.jpeg)
