Environmental Protection Restrictions Lifted but Post-Holiday Consumption Remains Weak; Slight Increase in Primary Lead In-Plant Inventory [SMM Primary Lead Inventory Weekly Review]

SMM, January 3: According to reports, as of January 3, the in-plant inventory of primary lead major delivery brands stood at 6,700 mt, an increase of 550 mt compared to December 27. It is reported that starting from December 28, the smog alert in Anhui was lifted, and secondary lead smelting enterprises gradually resumed production. After the New Year holiday, the environmental protection impact in Hunan also eased, and some primary lead smelting enterprises resumed production, leading to a temporary increase in lead ingot supply. However, in the latter half of the week, smelting enterprises in north China unexpectedly entered maintenance, and the maintenance period for smelting enterprises in Guangdong was extended. Additionally, smog alerts were reissued in Henan and Anhui, causing some enterprises to implement production cuts again, accompanied by restrictions on vehicle transportation. Although the resumption of production by smelting enterprises at the beginning of the week restored supply, downstream enterprises only purchased as needed after the holiday. Combined with transportation restrictions due to smog, some enterprises faced delivery constraints, resulting in a slight increase in the in-plant inventory of smelting enterprises.