SHANGHAI, Mar 21 (SMM) - The social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin decreased by 800 mt from March 18 and fell 3,000 mt from March 14 to 116,000 mt as of March 21.
The fermenting COVID-19 pandemic across many regions impeded the logistics further. More downstream companies chose to purchase lead ingots from nearby regions. The in-plant inventories of secondary lead in Henan, Anhui, and other regions declined. Most companies in Shanghai required staff to work from home, so many warehouses were undermanned. The arrivals and shipments of lead ingots were also delayed due to the COVID-19 related control. The lead ingot social inventory is expected to drop further.