Delivery sources re-enter the market, lead ingot social inventory turns to drop [SMM survey]

According to SMM survey, as of October 21, the total social inventory of lead ingots in five regions was 67,500 mt, a decrease of about 600 mt compared to October 14, and a decrease of 8,400 mt compared to October 17.

According to the survey, recently, battery scrap prices have remained high, and the profits of secondary lead smelting enterprises have been thin. Some mainstream regions reported secondary refined lead at a premium of 0-50 yuan/mt to the SMM 1# lead average price, while high-bismuth lead could be discounted at 100-50 yuan/mt ex-factory. Last week, unexpected maintenance at a primary lead smelting enterprise led to a regional reduction in lead ingot supply, and smelter inventories generally declined. Meanwhile, after the SHFE lead delivery ended, the delivery sources re-entered the circulation market, downstream enterprises restocked as needed, and social inventory was subsequently digested. This week, attention should be paid to the resumption of production at smelting enterprises and the progress of environmental protection inspections in Anhui.