High Lead Prices Weighed on Downstream Procurement, Primary Lead Enterprises' In-Factory Inventory Edged Up [SMM Primary Lead Inventory Weekly Review]

          It was learned that as of April 2, in-factory inventory of major delivery brands of primary lead stood at 16,700 mt, up 150 mt WoW.

This week, maintenance and resumptions coexisted among primary lead smelters. Supply was relatively ample in east China and south China, while south-west China was slightly tight due to maintenance factors. At the beginning of the week, lead prices were in the doldrums, and downstream enterprises purchased as needed. During the period, as secondary lead prices were relatively high, downstream procurement tilted toward primary lead. However, in the second half of the week, lead prices rose sharply, and procurement by downstream enterprises weakened significantly, leading to some inventory buildup at smelters. In addition, during the Qingming Festival holiday, primary lead enterprises basically maintained normal production, and the risk of lead ingot inventory buildup increased after the holiday.