SHANGHAI, Apr 2 (SMM)—Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin were largely unchanged from last Friday March 26 at 56,300 mt as of Apr 2. This was up 3,800 mt from Monday March 29.

Some downstream users restocked on demand at the start of the week as it approaches the Qingming holiday. But lead prices increased later in the week, and spot primary lead was offered at discounts of 50-250 yuan/mt against the average SMM 1# lead price, and secondary refined lead was offered at discounts of 350-400 yuan/mt, ex-works. In addition, larger price spread between spot and futures prices prompted traders to deliver cargoes to social warehouses.

Lead social inventories are expected to rise next week as the lead-acid battery market will enter a low season after the holiday and some battery makers plan to take 1-2 days off.