As downstream battery factories started deliver goods, the social inventory of lead ingots decreased from the high level on the month. However, the market quotations of primary lead was still offered at a wide discount, and the price difference between refined and scrapped lead expanded to above 250 yuan/mt, leading to the weak fundamental performance of the industrial line from lead ingot to downstream consumption. Focus this week will be whether the lead ingot inventory will continue to drop, and whether the spot discounts will narrow and drive up the lead prices.
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