Downstream Enterprises' Stockpiling Exceeds Expectations, Primary Lead Smelter In-Factory Inventory Drops Again [SMM Primary Lead Inventory Weekly Review]

        According to reports, as of September 25, the in-factory inventory of primary lead delivery brands stood at 2,700 mt, a decrease of 250 mt WoW.

This week, primary lead smelters in central and northern China resumed production after maintenance, leading to an increase in weekly supply. Meanwhile, downstream enterprises were in the pre-National Day stockpiling period, showing moderate purchasing enthusiasm. Lead smelters' inventory depletion outpaced production, with some even starting to pre-sell lead ingots produced during the holiday in advance. As a result, the in-factory inventory of lead ingots continued to decline. Given that the domestic lead market will suspend trading during the National Day holiday, and some downstream enterprises have pre-purchased lead ingots for the holiday period, it is expected that the in-factory inventory of primary lead smelters will remain low before the holiday.