Lead social inventories increased on gradual shipment recovery 

SHANGHAI, Feb 14 (SMM) – Social inventories of lead ingots in China increased this week as logistics partially resumed, allowing lead smelters to move their in-plant stocks to social warehouses before the delivery of the SHFE February contract. 

Some downstream lead-acid battery producers recovered operations, but overall demand remained subdued this week. 

SMM data showed that lead social stocks across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin stood at 38,700 mt as of Friday February 14, up 8,500 mt from February 7.

Large-scale inventory transfer remains absent as logistics have not fully recovered and only special lines of major companies and shipments by sea are available. Logistics issue and downstream demand recovery will remain determinant of lead ingot inventory change next week.