SHANGHAI, Nov. 24 (SMM) – SHFE lead and SMM #1 lead headed for gains on Nov. 24 thanks to zinc cut news from China while secondary lead producers watched from the sidelines and were in no rush to give price offers, SMM understood.
At present, secondary lead supply is tightened in market and inventories stay low at secondary lead producers, usually 2-3 days, versus 200-300 tonnes at small producers.
Secondary lead smelters were skeptical of the sustainability of rising strength in lead prices and they tried to sell their goods at reasonable prices.
And pessimistic producers were in no rush to buy scrap batteries today.
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