Finished product inventories at secondary lead smelters remain at historically low levels and are unlikely to accumulate significantly in the short term [SMM Secondary Lead Inventory Weekly Review]

Published: Nov 14, 2025 14:19

Save

SMM November 14:

As of November 14, 2025, weekly finished product inventories of secondary lead decreased by 900 mt WoW to 4,400 mt. Lead prices fluctuated at highs this week, while supplies of primary lead cargoes self-picked up from production site were limited with firm offers, prompting downstream battery producers to make just-in-time procurement favoring the secondary market. Additionally, secondary lead smelters that resumed production are still in the ramp-up stage, focusing on long-term contract deliveries, resulting in limited spot order availability in the secondary lead market. Consequently, weekly finished product inventories at secondary lead smelters saw a slight decline WoW. Next week, SHFE lead 2511 contract will be delivered, and social inventory of lead ingots is expected to rise. If lead prices weaken as a result, downstream purchase willingness may improve. Given that secondary lead finished product inventories are at historically low levels and considering recent supply-demand conditions, a significant accumulation is unlikely in the short term.

》Order to View SMM Metal Spot Historical Prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Driven by increased long positions, the most-traded SHFE lead 2605 contract showed a unilateral upward trend today [Brief Review of Lead Futures]

1 hour ago

Tax Authorities See Progress in Tackling Circular and Mutual Invoicing, Wholesale Sector Invoicing Down 2.6% YoY

On April 1, Wang Daoshu, Deputy Commissioner of the State Taxation Administration, said at a press conference held by the administration: the tax authorities had also achieved initial results in rectifying “circular invoicing” and “mutual invoicing.” China's data from the State Taxation Administration showed that from January 1 to March 25, invoicing amounts in the wholesale sector, where such enterprises were relatively concentrated, fell 2.6% YoY. Among them, invoicing amounts in the wholesale subsectors of coal and coal products, and metals and metal ore, declined 8.7% and 5.2% YoY, respectively.

1 hour ago

2 hours ago

Data: SHFE, DCE market movement (Apr 01)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 01 Apr , 2026

2 hours ago