Smelters operate at low production levels, and in-plant inventory of secondary lead finished products continues to decline [SMM Weekly Review of Secondary Lead Inventory]

SMM July 11 Report:

As of July 10, 2025, the finished product inventories of secondary lead smelters stood at 22,400 mt, a decrease of approximately 3,500 mt WoW. In central China and some areas of east China, the ex-factory prices of secondary refined lead were at a discount of 200-75 yuan/mt against the SMM 1# lead average price during the week. Downstream enterprises showed moderate enthusiasm for inquiries and opted to purchase at preferential low prices. Given that secondary lead smelting is still operating at a loss, secondary lead smelters are generally running at low production levels, with some even choosing to extend their shutdown periods and purchasing externally lead ingots to fulfill long-term contracts. Overall, it is expected that the in-plant inventory of lead ingot finished products will maintain a downward trend in the short term.

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