Downstream stockpiling enthusiasm was relatively poor before the holiday, and primary lead enterprise inventories accumulated. [SMM Primary Lead Inventory Weekly Review]

Published: Jan 30, 2026 16:16

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According to reports, as of January 29, the in-factory inventory of primary lead delivery brands was 28,200 mt, an increase of 5,800 mt WoW.

Recently, primary lead smelters in Hunan, Jiangxi, and other regions resumed production after maintenance, leading to an increase in lead ingot supply WoW. However, demand for lead-acid batteries remained sluggish, resulting in limited stockpiling by downstream enterprises before the Chinese New Year, as per tradition. Some enterprises even suspended production around the end of January. Trading in the spot market for lead was sluggish, and smelters' in-factory inventories shifted to an upward trend. Meanwhile, the price center of lead declined again this week, prompting suppliers to actively expand discounts for spot cargo sales or transfer lead ingots to social warehouses. Additionally, due to air pollution control measures in Henan, Shandong, and other regions, vehicle transport was partially restricted, causing some enterprises' inventories to accumulate.

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