Secondary lead finished product inventories continued to decline this week, with future inventory buildup risks yet to be observed [SMM Secondary Lead Inventory Weekly Review]

SMM, October 16:

As of October 15, secondary lead finished product inventories stood at 3,700 mt, down 250 mt MoM. This week, downstream buyers gradually returned to the market after the holiday to restock, and smelters delivered spot cargo, driving inventory destocking. However, tight scrap battery raw material supply limited smelters' production growth, capping the overall destocking pace. Looking ahead to next week, secondary lead smelter supply will remain constrained by raw material availability. If end-use demand weakens significantly, the likelihood of further destocking in finished product inventories will decline.