SMM, October 10:
As of October 9, 2025, the weekly finished product inventories of secondary lead continued to decline, decreasing WoW by 1,300 mt to 3,800 mt, hitting a new low in nearly 10 months. Before the holiday, as many primary lead and secondary lead smelters were in a state of reduced or halted production, especially with concentrated maintenance at secondary lead enterprises in the largest production region, lead ingot supply became regionally tight. Coupled with downstream enterprises' routine stockpiling before the National Day holiday, lead ingot inventory dropped significantly. Although the operating rate of secondary lead gradually increased after the holiday, some smelters had overdue long-term contracts from the production halt period that urgently needed delivery. Therefore, it was difficult for smelters to accumulate finished products in their producer's warehouses during the initial phase of production resumptions.
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