SMM Lead Morning Meeting: Price Ratio Expansion, Potential Refined Lead Import Window, and Inventory Dynamics

[SMM Lead Morning Meeting Summary: Lead Price Ratio Expands Domestically and Internationally, Focus on the Potential Opening of Refined Lead Import Window]

Spot fundamentals: Today, the SHFE lead 2412 contract is delivered, with suppliers transferring inventory to delivery warehouses, and social inventory of lead ingots increasing as expected. Meanwhile, secondary lead smelters are stocking up on scrap ahead of the year-end, and battery scrap prices are more likely to rise than fall...