Increased Supply from Smelter Production Resumptions Next Week, Rising Destocking Pressure on Secondary Lead [SMM Secondary Lead Inventory Weekly Review]

SMM May 15 update:

As of May 15, secondary lead finished product inventories stood at 17,300 mt, down 1,580 mt WoW from May 7. Secondary lead production pulled back this week. With lead prices in the doldrums, smelters achieved modest destocking of finished products. Looking ahead to next week, a large smelter in Jiangxi plans to resume production, and an enterprise under maintenance in Guizhou is also set to restart production. Meanwhile, primary lead spot cargo is expected to flow into the market after delivery, increasing available supply options for downstream buyers. Secondary lead finished product inventory destocking pressure is expected to intensify further.