Social inventories of lead ingots expanded 11,300 mt on week

SHANGHAI, Mar 5 (SMM)—Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin rose 11,300 mt from last Friday February 26 to 58,000 mt as of March 5. This was up 9,500 mt from Monday March 1.

Trades improved significantly in the spot market this week as downstream lead-acid battery makers have basically restarted production and as lead prices plunged. However, buyers preferred to purchase lead ingots from smelters due to their lower prices rather than from social warehouses. Besides, as it is approaching the delivery date, in-plant inventories have been shipped to social warehouses. These led to the rise in lead social inventories.