Delivery and Consumption Proceed in Parallel, Primary Lead Smelters' In-Plant Inventory Halved WoW [SMM Primary Lead Inventory Weekly Review]

As of March 14, according to SMM, the in-plant inventory of primary lead from major delivery brands stood at 5,700 mt, down by 6,800 mt compared to March 7. This week, China's "Two Sessions" concluded, and air quality in Beijing-Tianjin-Hebei and surrounding areas improved. On March 12, heavy pollution weather alerts in regions such as Hebei, Henan, and Shandong were lifted. Notably, vehicle transportation in Henan resumed normal operations, leading to the transfer of smelter inventories to social warehouses. Additionally, lead prices fluctuated upward during the week, and downstream enterprises gradually engaged in purchasing as needed, which was another factor contributing to the decline in smelter inventories. As the SHFE lead 2503 contract completes delivery next week, we need to pay closer attention to the impact of actual lead market consumption on in-plant inventories.