Social Lead Ingot Inventory across Five Major Regions in China to Fall This Week

SHANGHAI, Mar 21 (SMM) - According to SMM survey, social lead ingot inventory across five major regions in China totalled 55,500 mt as of March 17, up 3,800 mt from March 10 and 5,400 mt from March 13. As delivered cargoes arrived at the warehouse, social inventory of lead ingots increased last week. The stock accumulation during CNY holidays in February had prompted smelters to transfer their in-plant inventories to warehouses. That tightened lead supply in March. Consequently, the delivery amount of lead ingot in March was much lower than that in February.

In addition, both primary lead and secondary lead smelters are undergoing maintenance, resulting in scarce available lead ingot in the market. Downstream consumption, on the other hand, was brisk. It is expected that the social inventory of lead ingots will turn into a downward trend again this week after delivered cargoes are offered for sale.