With both supply and demand increasing, in-plant inventory of primary lead enterprises continues to decline [SMM Weekly Review of Primary Lead Inventory]

        It is understood that as of July 31, the in-plant inventory of primary lead delivery brands was 5,500 mt, a decrease of approximately 750 mt WoW.

This week, the production of primary lead smelters gradually resumed, and the spot market circulation increased compared to last week. Suppliers actively participated in the market, and spot premiums fell to around parity (against the SMM #1 lead average price). Meanwhile, as lead prices declined, the losses of secondary lead smelters further widened. Smelters were reluctant to sell at low prices, and secondary refined lead quotes remained firm, with premiums of 50-100 yuan/mt against the SMM #1 lead average price for ex-factory delivery. This formed an inverted price relationship with primary lead prices, causing downstream enterprises' purchasing demand to lean more towards primary lead. As a result, the inventory of smelters decreased instead of increasing.