SHANGHAI, Jan 10 (SMM) – Social inventories of lead ingots in China fell faster this week, as downstream consumers—lead-acid battery producers—stockpiled ahead of the suspension of logistical services around the Chinese New Year holiday. A rally in lead prices also helped improve buying interest among down consumers.
SMM data showed that lead social stocks across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin fell 3,000 mt in the week ending January 10 to 42,600 mt, after a decline of 300 mt in the previous week.
Downstream buyers preferred to buy from smelters early in the week, as smelters offered a discount of 50 yuan/mt, ex-factory, against the average of SMM 1# lead. Offers by smelters rose to a premium of 50 yuan/mt, after some smelters in Henan saw all their supply before the CNY holiday ordered via pre-sales, and this drove buyers to traders, depleting inventories across social warehouses.
Lead social inventories are likely to inch up next week, as pre-holiday stockpiling draws to an end and the SHFE January lead contract is about to expire.
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