Post-Holiday Restocking by Downstream Falls Short of Expectations, Primary Lead In-Plant Inventory Rises Again [SMM Primary Lead Inventory Weekly Review]

As of February 14, according to SMM, the in-plant inventory of primary lead major delivery brands stood at 32,500 mt, an increase of 1,900 mt compared to February 7. This week marked the second week after the Chinese New Year. Lead-acid battery enterprises had mostly resumed production, but post-holiday restocking by downstream enterprises fell short of expectations. Coupled with the recovery of secondary lead supply, market circulation of goods increased, making it difficult for primary lead smelters to sell. Spot order prices in major production areas showed a discount of 50-0 yuan/mt ex-factory against the SMM 1# lead average price. Additionally, with the SHFE lead 2502 contract delivery approaching, some smelters transferred inventory to delivery warehouses, yet this did not change the trend of increasing in-plant inventory.