According to SMM survey, social lead ingot inventories across five major regions in China totalled 63,500 mt as of September 8, up 7,300 mt from September 1 and up 6,600 mt from September 4, and the highest in seven months.
Since September, lead prices have continued to rise, with the SHFE 2309 lead contract prices reaching a maximum of 17,660 yuan/mt. Demand for lead-acid battery was weaker during the peak season than that of the same period last year, and the selling prices of batteries lacked ability to rise. This depressed purchases of lead ingots by most battery makers.
Enterprises basically purchased under long-term contracts. As such, the price spread between lead contracts and spot cargoes expanded and exceeded 700 yuan/mt, prompting the sellers to make deliveries to warehouses. This resulted in higher inventory of lead ingots in social warehouses. Social inventories of lead ingot will further increase due to the delivery of the SHFE 2309 lead contract this week.
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