Downstream battery producers maintain rigid demand purchases, secondary lead smelters' finished product inventories rebound slightly [SMM Secondary Lead Inventory Weekly Review]

SMM, December 12:

As of December 11, 2025, the weekly finished product inventory of secondary lead stopped falling and rebounded, increasing by 740 mt WoW to 2,200 mt. In the first half of the week, as lead prices dropped suddenly, downstream enterprises generally adopted a wait-and-see stance, the decline in lead ingot inventories slowed down, and transactions for cargoes self-picked up from production sites were also limited. In the second half of the week, lead prices fluctuated rangebound, the purchasing willingness of downstream battery producers did not improve, and they only maintained essential restocking. Additionally, maintenance at primary lead enterprises in east China is expected to end next week, supply will gradually recover, and the increase in available lead ingot sources may prompt secondary lead smelters' finished product inventories to maintain an upward trend.

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