According to an SMM survey, as of June 13, the total social inventory of lead ingots in the five major regions monitored by SMM was 72,500 mt, up 1,400 mt from Thursday (June 6) and up 1,600 mt from Monday (June 11). The survey indicated that before the delivery of the SHFE 2406 lead contract, sellers transferred inventory to delivery warehouses, leading to an accumulation in social inventory. Recently, secondary lead smelters gradually resumed production, while primary lead enterprises balanced maintenance and resumption, with the overall increase expected to slightly exceed the decrease. Before the delivery date, social inventory of lead ingots is expected to continue rising. Additionally, the SHFE/LME lead price ratio expanded last week, briefly opening the import window for lead ingots.