According to SMM survey, social lead ingot inventory across five major regions in China totalled 44,200 mt as of February 1, up 700 mt from Thursday January 25 and 700 mt from Monday January 29.

More lead-acid battery companies shut down last week. This, combined with suspension of logistics in some areas, muted market transaction significantly. Nonetheless, due to the large supply gap of primary lead and secondary lead, lead smelters mostly pre-sold. Therefore, lead ingot stocks only increased slightly last week. Logistics in various places will be suspended this week. Logistics in Jiangsu, Zhejiang and Shanghai are expected to be ceased on February 4 at the latest. After all downstream companies close, the growth in lead ingot inventory will be more reflected at smelters.