Secondary lead finished product inventories see significant drawdown, pre-holiday stockpiling enters final stage [SMM Secondary Lead Inventory Weekly Review]

SMM, September 24:

As of September 24, secondary lead finished product inventories stood at 8,000 mt, down 4,400 mt MoM. This week, downstream battery enterprises concentrated rigid-demand cargo pick-up ahead of the dual holidays, and with spot order supply tight at some smelters, finished products continued destocking. Although secondary lead operating rates rebounded MoM this week and output increased, downstream pre-holiday cargo pick-up was stronger, pulling inventories back to low levels. Looking ahead to next week, pre-holiday stockpiling is nearing its end, and downstream procurement pace is expected to slow down; SMM expects the destocking speed of secondary lead finished products to decline, with focus on the final round of downstream pre-holiday cargo pick-up.