SHANGHAI, Jan 25 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin rose 800 from last Friday January 22 to 46,1000 mt as of Monday January 25, an SMM survey showed. The stocks were down 9,600 mt from last Monday January 18.
Lead-acid battery makers slowed stockpiling as it approaches the Chinese New Year (CNY) holiday, and Covid-induced restrictions affected logistics in some areas, which led to the increase in lead social inventories.
Some battery makers will start their CNY holiday at the end of January, and more secondary lead smelters will suspend production for the holiday, and these, combined with production restrictions in north China, are likely to slow the decline in lead ingots inventories.
![Macro Weakness and Divergent Domestic and Overseas Fundamentals: LME Lead Prices Expected to Continue Outperforming SHFE [SMM Weekly Lead Market Forecast]](https://imgqn.smm.cn/usercenter/TmYox20251217171721.jpeg)
![Lead Prices Fluctuated Downward During the Week, Downstream Cautious Amid Fear of Price Decline, Purchase Willingness Low [SMM Refined Lead Spot Market Weekly Review]](https://imgqn.smm.cn/usercenter/lIHfM20251217171721.jpeg)
![SMM Primary Lead Smelter Weekly Operating Rate (May 29, 2026 - June 4, 2026) [SMM Primary Lead Smelting Operating Rate Weekly Review]](https://imgqn.smm.cn/usercenter/mfCMp20251217171721.jpeg)