SHANGHAI, Nov 20 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin expanded 2,500 mt from the prior week to 37,800 mt mt as of Friday November 20.
Rising lead prices this week turned losses at secondary lead smelters into profits, encouraging them to restore production. Meanwhile, supply of primary lead was stable, and both refined and secondary lead were traded at deep discounts (discounts of secondary refined lead against the average price of SMM 1# lead expanded to 300 yuan/mt, ex-factory), which prompted in-plant stocks to be transferred to social warehouses.
The increase in lead social inventories is expected to slow next week as frequent snowstorms in north China affected transport and regional environmental restrictions deterred small secondary lead smelters from resuming.
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