Secondary lead production has recovered somewhat, and enterprises' finished product inventories have turned to an upward trend [SMM Weekly Review of Secondary Lead Inventories]

SMM June 27 News:

As of June 27, 2025, the finished product inventories of secondary lead smelters stood at 26,300 mt, an increase of 1,630 mt WoW. During the week, lead prices fluctuated upward, and smelters' enthusiasm for shipping increased, but most deliveries were still dominated by long-term contracts. The ex-factory, tax-included prices of secondary refined lead were at a discount of 170-0 yuan/mt against the SMM 1# lead average price. Downstream enterprises maintained a strong wait-and-see sentiment, making just-in-time procurement only. This week, the operating rate of secondary lead smelters rose, and SMM expects a slight accumulation of finished product inventories in the near future.

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