Social Inventory of Lead Ingots Increased as Expected amid the Delivery of SHFE 2301 Lead Contract

SHANGHAI, Jan 16 (SMM) - As of January 16, the social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin was 56,700 mt, up 6,900 mt from January 13 and 13,100 mt from January 9.
According to the survey, the deliverable goods have arrived at the warehouses for the delivery of the SHFE 2301 lead contract, which led to the increase in the social inventory of lead ingots. In addition, most lead-acid battery companies took holidays for CNY and some downstream companies will take holidays this week, hence the lead consumption continued to weaken. At the same time, the logistics services of lead ingots will last until January 18 at latest. As such, the social inventory of lead ingots may still accumulate. However, due to the halted logistics services, the inventory of lead smelters will increase more significantly.