SHANGHAI, Jan 29 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin dropped 2,000 mt from the prior week and declined 2,800 mt from January 25 to 43,400 mt as of Friday January 29, an SMM survey showed.
Long-distance logistics have gradually stopped amid COVID-19 pandemic control and the approaching Chinese new year. The transportation in Henan has been limited due to the red alert of air pollution. The lead ingot restocking is coming to an end as downstream lead-acid battery companies start to have holidays, and the lead ingot de-stocking has slowed down significantly on the week.
Most downstream lead-acid battery companies will take holidays next week, and only short-distance transportation will maintain operation. The lead ingot destocking is expected to further slow down.