According to SMM survey, social lead ingot inventory across five major regions in China totalled 50,800 mt as of July 31, up 5,200 mt from July 28 and 9,100 mt from July 24, the highest in four months.
The supply of lead ingots has been relatively stable recently. As the production of deliverable primary lead brands was resumed, the supply in the market turned ample. The enthusiasm for raw material procurement was poor. Some smelters sold under small orders with discounts of over 250 yuan/mt against the SHFE 2308 lead contract. Smelters transferred lead ingots to delivery warehouses, growing social inventory of lead ingots. Last week, there were maintenance and production resumption at primary lead and secondary lead smelters. The maintenance at producers of deliverable brands can slow down stock accumulation of lead ingot.
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