SHANGHAI, Oct 16 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin rose more than 3,000 mt from the previous week to 28,800 mt as of Friday October 16.
As consumption of lead-acid batteries weakened after the National Day holidays, battery makers mostly produced based on sales and restock raw materials only as required. With commissioning of new secondary lead capacities, secondary refined lead was traded at discounts of 200-250 yuan/mt against the average price of SMM 1# lead. Delivery of the SHFE 2010 lead contract also accounted for the increase in social inventories.
Secondary lead smelters in some regions will complete maintenance next week, while consumption is likely to be stable, which will drive up inventory pressure.
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