Pre-Holiday Stockpiling Demand Boosts Lead Ingot Transactions, Secondary Lead Weekly Finished Product Inventories Hit New Low [SMM Secondary Lead Inventory Weekly Review]

SMM, September 26:

As of September 25, 2025, the weekly finished product inventories of secondary lead hit a new low in nearly 10 months, at 7,700 mt, down 500 mt WoW. This week was the week before the National Day & Mid-Autumn Festival holiday, and pre-holiday stockpiling demand from downstream battery producers boosted lead ingot transactions. Coupled with the relatively slow recovery in the operating rate of secondary lead smelters, there was no accumulation of finished products in producers' warehouses for the time being. The weekly operating rate of secondary lead has bottomed out and rebounded, and production resumptions at smelters are expected to concentrate after the holiday. SMM believes that the finished product inventories at secondary lead smelters may reverse the trend and increase next week.

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