SHANGHAI, May 15 (SMM) - According to SMM research, as of May 15, the total social inventory of SMM lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin reached 36,100 mt, an increase of 1,900 mt from May 12 and 8,600 mt from May 8.
According to the research, the lead ingots gradually arrived at the SHFE warehouses, especially those in Shanghai, Zhejiang and Tianjin amid the delivery of the SHFE 2305 lead contract, hence the social inventory increased accordingly. In addition, the off-season for lead-acid battery enterprises intensified and downstream enterprises were less willing to purchase. However, the lead ingot inventory may increase under the oversupply as secondary lead smelters may increase production. But some primary deliverable brands plan to carry out maintenance, which may ease the supply surplus. As such, the social inventory of lead ingot is expected to fall after rising.
