[SMM Analysis: Downstream Enterprises Receive Delivery Sources, Social Inventory of Lead Ingots Reverses Decline] SMM May 22 News: According to SMM, as of May 22, the total social inventory of lead ingots across five locations 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 discounts of 50 yuan/mt to premiums of 100 yuan/mt ex-factory. However, secondary lead smelters, facing widening losses, saw an increase in reluctance to sell at low prices, with some enterprises halting shipments. Quotations for secondary refined lead narrowed to discounts of 50-0 yuan/mt against the SMM 1# lead average price ex-factory, and even premiums emerged, inverting the price relationship with primary lead.