Declining demand extends gains in primary lead social stocks in Shanghai, Guangdong

SHANGHAI, Dec 14 (SMM) – Social inventories of primary lead across Shanghai and Guangdong expanded some 500 mt week on week to stand at 24,000 mt as of Friday December 14, SMM data showed.

This refreshed the high of August 18, 2017.

Ample supplies from domestic smelters and arrivals of seaborne material kept the spot lead market well-supplied this week. Secondary refined lead traded in discounts of 500-400 yuan/mt against SMM 1# average. Some discounts were heard up to 600 yuan/mt.

Weakening lead-acid battery demand deterred battery producers from purchasing spot lead and this drove up social inventories across Shanghai and Guangdong.