Social Inventory of Lead Ingot Continued to Decline amid the Production Reduction of Primary and Secondary Lead in the Major Producing Areas

SHANGHAI, June 27 (SMM) - As of June 27, the social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin was 81,800 mt, down 3,100 mt from last Friday (June 24) and 12,500 mt from last Monday (June 20).

According to the survey, the supply of lead concentrate was tight, and the TCs fell again. The operating rates of primary lead smelters in Hunan, Yunnan and other regions continued to tighten. At the same time, the output of secondary lead in Anhi, the major producing area, reduced. In this case, the regional difference of primary lead supply was huge, prompting downstream enterprises to digest social inventories amid the rigid demand, hence the social inventory of lead ingots continued to decline. At the same time, the maintenance of smelters in Anhui is about to end in July. In addition, the cargo holders are more willing to deliver amid the current basis between spot and futures. SMM will pay further attention to the change of social inventories.