Social Inventory of Lead Ingots Declines with Completion of Delivery of SHFE 2304 Lead Contract

SHANGHAI, Apr 21 (SMM) - According to SMM research,  as of April 21, the total social inventory of SMM lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin reached 31,000 mt, a decrease of 9,500 mt from April 14 and 11,200 mt from April 17.

According to the survey, the supply of lead ingot was limited as both primary lead and secondary lead smelters, especially the deliverable brands in Henan and Yunnan, continued to overhaul. At the same time, after the delivery of the SHFE 2304 lead contract was completed on April 17, the lead ingots flowed into the market and downstream enterprises purchased as needed. As such, the lead ingot social inventory stopped rising and declined this week. Despite the traditional off-season, the restocking demand before the May Day holiday and the maintenance plans of primary lead smelters will drag down the social inventory of lead ingots.