Lead Prices Rebound, Downstream Purchases Decrease, Primary Lead In-Plant Inventory Sees Slight Increase [SMM Primary Lead Inventory Weekly Review]

As of April 18, the in-plant inventory of primary lead delivery brands was 8,000 mt, an increase of approximately 400 mt compared to April 11. This week, lead prices rebounded after hitting a low. Primary lead smelters showed improved willingness to sell, and with the conclusion of SHFE lead deliveries, the market saw an increase in circulating cargoes. Some cargoes self-picked up from production sites were traded at discounts during the week, such as primary lead quotations in mainstream production areas, which were at discounts of 30-0 yuan/mt ex-factory against the SMM 1# lead average price. Following relatively concentrated low-price stockpiling last week, downstream companies' purchasing enthusiasm significantly weakened this week. Meanwhile, secondary lead companies expanded discounts to sell, such as secondary refined lead quotations in Jiangxi, which were at discounts of 100-50 yuan/mt ex-factory against the SMM 1# lead average price. The combination of weaker consumption and the impact of low-priced secondary lead led to an accumulation of inventory at primary lead smelters' in-plant warehouses.