Recently, primary lead delivery brand enterprises in east China have undergone maintenance, while secondary lead enterprises have also faced maintenance or environmental permit renewals, leading to regionally tight lead ingot supply. At the same time, lead prices have been in the doldrums, prompting downstream enterprises to purchase as needed. Some lead ingot inventories near consumption areas have been drawn down, and social inventory has continued to decline. Notably, last week, SMM’s weekly finished product inventory for secondary lead dropped to 2,400 mt, the lowest level since 2021. Downstream enterprises face limited procurement options, making just-in-time procurement or a preference for primary lead more likely. In the short term, lead ingot social inventory is expected to maintain its downward trend.
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