[SMM Analysis: Downstream Enterprises Receive Delivery Sources, Social Inventory of Lead Ingots Reverses Decline] SMM News on May 22: According to SMM, as of May 22, the total social inventory of lead ingots in five regions tracked by SMM reached 50,300 mt, a decrease of 5,700 mt from May 15 and a decrease of 8,800 mt from May 19. This week, lead prices fluctuated downward. Primary lead smelters generally shipped goods at market prices, with quotations against the SMM 1# lead average price ranging from a discount of 50 yuan/mt to a premium of 100 yuan/mt ex-factory. However, due to widening losses, secondary lead smelters became more reluctant to sell at low prices, with sentiment rising. Some enterprises suspended shipments. Quotations for secondary refined lead narrowed to a discount of 50-0 yuan/mt against the SMM 1# lead average price ex-factory, and even premium quotations emerged, inverting the price relationship with primary lead.