SHANGHAI, Dec 31 (SMM) – The social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin decreased 13,400 mt from December 24 and 4,900 mt from December 27 to 95,300 mt as of December 31.
The supply of secondary lead shrank in Jiangxi, Anhui, and other major consuming markets due to environmental protection inspections and maintenance. However, the lead prices declined during the week, and the primary lead smelters’ shipments were modest, mainly shipping the goods under long-term orders. The downstream users restocks raw materials on demand approaching the New Year's Day, so they increased the purchases from traders. As such, the social inventory continued to decline.
The smelters will gradually resume the supply after the New Year's Day holiday next week, and the downstream users will keep restocking for the CNY. The social inventory of lead ingots is expected to keep falling.
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