Smelters Operate at Low Production Rates, Primarily to Fulfill Long-Term Contracts; Secondary Lead Finished Product Inventories Remain Low [SMM Weekly Review of Secondary Lead Inventories]

SMM May 23 report:

As of May 23, 2025, the finished product inventories of secondary refined lead smelters stood at 20,260 mt, a decrease of 480 mt WoW. Due to the downward shift in the price center of lead, the enthusiasm of lead-acid battery producers for inquiries increased. Although some enterprises were still waiting to observe the market, most enterprises restocked based on immediate needs, and their purchase willingness improved. Additionally, the production of secondary lead smelters was generally low, with most finished lead ingots being delivered under long-term contracts, resulting in low in-plant inventory. Next week, as the Dragon Boat Festival holiday approaches, it is necessary to observe the impact of downstream stockpiling sentiment before the holiday on the factory warehouse inventories of finished secondary lead products.

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