Social Inventory of Lead Ingot Further Declined as the Downstream Purchased on Dips

SHANGHAI, July 18 (SMM) - As of July 18, the social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin was 91,000 mt, down 2,400 mt from last Friday (July 15) and down 2,600 mt from Monday (July 11).
Some large-sized enterprises in Anhui was affected by the power rationing, hence the supply in Anhui was tight. In addition, the lead-acid market recovered and the downstream purchased on dips amid the sharp decline in lead prices last week. SHFE lead fell below 14,500 yuan/mt and the primary and secondary lead in the spot market was generally shipped in premiums. In this case, some large companies in Jiangzu, Zhejiang and Shanghai purchased actively. Therefore, the social inventory of lead ingots further declined.