Downstream purchasing willingness improves, spot supply is tight, secondary lead finished product inventory accumulation is not significant [SMM Secondary Lead Inventory Weekly Review]

SMM October 24:

As of October 24, 2025, weekly finished product inventories of secondary lead edged up 600 mt WoW to 3,900 mt. Downstream battery producers' purchasing enthusiasm for lead ingots improved this week, coupled with tight supply of primary lead, making it difficult for secondary lead to accumulate finished product inventories despite a notable increase in its weekly production. Lead prices rose, and the import window is currently open, with overseas lead ingots flowing in to supplement the domestic market. If production resumptions at secondary lead smelters are optimistic next week, SMM expects finished product inventories at secondary lead plants to maintain an upward trend.

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