SHANGHAI, Dec 13 (SMM) – Inventories of lead ingots in China rose for a third consecutive week as cargoes moved to warehouses before delivery of the SHFE December lead contract, and demand shifted to secondary lead.
SMM data showed that lead social stocks across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin rose 8,600 mt from a week earlier to 47,000 mt as of December 13, after an increase of over 1,000 mt in the previous week.
Downstream lead-acid battery producers restocked amid improved sentiment as Shanghai lead prices recovered this week. Overall spot trades picked up from a week ago, but purchases in large quantities were absent due to the year-end cash flow issues from the settlement of long-term contracts.
The lead price rally improved profit margins of secondary lead, and allowed secondary refined lead producers to expand discounts to attract downstream buying interest.
As of December 13, prices of secondary refined lead stood at a discount of 100 yuan/mt to flat against the average prices of SMM 1# lead, ex-work with tax included, according to SMM assessments.
An inflow of cargoes to the spot market is likely to happen next week after the delivery of SHFE contracts.
With the stable operation of primary lead smelters, social inventories of lead ingot will face further upward risks if downstream demand remains diverted to secondary lead.
![SHFE ตะกั่วเห็นการเพิ่มขึ้นของสถานะซื้อและขายพร้อมกัน โดยราคาผันผวนที่ระดับสูงเหนือ 16,000 [ความเห็นสั้น ๆ เกี่ยวกับฟิวเจอร์สตะกั่ว]](https://imgqn.smm.cn/usercenter/LCtEk20251217171721.jpeg)
