Social Inventory of Lead Ingots Declined amid the Downstream Restocking Demand

SHANGHAI, Feb 6 (SMM) - As of February 6, the social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin was 51,400 mt, down 5,100 mt from Feb 3 and 7,500 mt from January 30.

According to SMM research, after the Lantern Festival, most upstream and downstream enterprises in the lead industry chain resumed the production. Downstream enterprises gradually restocked for lead ingots after they consumed their stocks during the CNY holiday. As lead prices fell after opening the previous week, secondary lead prices approached the cost line. Downstream enterprises stockpiled on dips from nearby. As such, the social inventory of lead ingots in Jiangsu and Zhejiang was digested. In addition, the goods were delivered from lead smelters to social warehouses as the logistics services resumed after the CNY holiday, especially the social warehouses in Shanghai, Guangdong, and Tianjin. In the follow-up stage, SMM will continue to pay attention to the restocking demand of downstream enterprises and the delivery of goods.