Supply Reduction and Shipments to Delivery Warehouses Lead to Decline in Primary Lead Smelter Inventory [SMM Weekly Primary Lead Inventory Review]

        It is understood that as of November 13, the in-factory inventory of primary lead from major delivery brands stood at 6,700 mt, down 1,900 mt WoW.

This week, some primary lead smelters of delivery brands in east China underwent maintenance, leading to a slight decrease in supply. Meanwhile, lead prices surged and then pulled back in the latter half of the week, during which the spread between futures and spot prices widened, prompting suppliers to actively ship to delivery warehouses. As a result, lead ingot inventory shifted from in-factory stocks to social warehouses. These two factors contributed to the decline in smelters' in-factory inventory. Next week, primary lead enterprises in east China will resume operations after maintenance, and the SHFE lead 2511 contract is set to enter the delivery period. Subsequent inventory changes will focus more on actual lead demand, and the decline in in-factory inventory is expected to slow down.