Downstream Holidays Combined with Logistics Suspension Lead to Inventory Buildup in Primary Lead Smelters [SMM Primary Lead Inventory Weekly Review]

SMM, January 24: According to reports, as of January 24, the in-plant inventory of primary lead major delivery brands stood at 3,600 mt, an increase of 2,100 mt compared to January 17. In the week before the Chinese New Year, lead smelters conducted final clearance sales, causing spot premiums for primary lead to decline continuously, even turning into discounts. As of January 23, spot quotations for refinery spot orders in major regions were quoted at discounts of 50 yuan/mt to premiums of 50 yuan/mt against the SMM 1# lead average price on an ex-factory basis. Meanwhile, most downstream enterprises had entered holiday mode, logistics operations gradually ceased, and some smelters experienced slight inventory buildup.