Supply Reduction and Logistics Unrestriction Lead to Decline in Primary Lead Smelter Inventory [SMM Primary Lead Inventory Weekly Review]

        As of September 4, the in-factory inventory of primary lead delivery brands stood at 12,600 mt, down 3,100 mt WoW.

With the conclusion of military parade events this week, logistics vehicle restrictions in North and Central China were lifted, allowing primary lead smelters to resume normal shipments and gradually deplete lead ingot inventories. Meanwhile, maintenance at primary and secondary lead smelters proceeded as scheduled, tightening lead ingot supply, which also contributed to the decline in smelters' in-factory inventories. Additionally, next week marks the final week before the delivery of the SHFE lead 2509 contract, potentially prompting suppliers to transfer stocks to delivery warehouses, with smelters' finished product inventories expected to decline further.