SHANGHAI, Nov 13 (SMM) – Stocks of lead concentrate at the port of Lianyungang, in east China’s Jiangsu province, stood at 45,000 mt as of November 1, up 5,000 or 12.5% from a month ago, showed SMM data.
Lianyungang port warehouses saw outflows of lead concentrate dropping in October, as importers held off on claiming their shipments with the lower ratio of SHFE lead prices to LME lead flipping profits on imports into negative territory and raw material stocks at Chinese smelters staying high.
This, coupled with the arrivals of shipments under long-term contracts, contributed to higher port stocks.
Lead concentrate inventories at Lianyungang port are likely to extend their gains this month, as the SHFE/LME lead price ratio has yet to pick up.
Lianyungang port is one of the 10 largest ports in China and a major entrance for seaborne lead concentrate getting into the country.
