Exports may Affect the Social Inventory of Lead Ingots

SHANGHAI, Apr 3 (SMM) - According to SMM research, according to SMM research, as of April 3, the total social inventory of SMM lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin reached 38,300 mt, a decrease of 1,300 mt from last Friday and 3,300 mt from last Monday.
According to the survey, the maintenance and resumption of large-scale secondary lead smelters were in parallel. In addition, due to the falling lead prices, primary lead and secondary lead smelters were unwilling to deliver. On the one hand, smelters that just resumed work intended to deliver for the previous orders and on the other hand, regional supply differences limited the market supply of lead ingots. Some downstream enterprises purchased from social warehouse stocks instead. In addition, the SHFE/LME lead price ratio has narrowed recently, and thus the export window of lead ingots opened. Although the current profits are still small, the market need to continue to pay attention to the impact of exports on the social inventory of lead ingots.