Limited Procurement by Downstream Enterprises, Primary Lead Enterprise Inventory Continues to Accumulate [SMM Primary Lead Inventory Weekly Review]

Published: May 15, 2026 16:05

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As of May 14, the in-factory inventory of major delivery brands for primary lead was 23,300 mt, a WoW increase of 3,000 mt.

Recently, production at primary lead enterprises remained relatively stable, while the lead-acid battery market continued in off-season mode, with limited rigid demand from downstream enterprises. Lead prices fell at the beginning of the week, and some downstream enterprises bought the dip on an as-needed basis. However, in the latter half of the week, lead prices pulled back again, and downstream enterprises exhibited strong risk-averse sentiment, leading to inventory accumulation at smelters. Meanwhile, with the conclusion of the current round of SHFE lead delivery, suppliers reduced their inventory transfer activities, which was also one of the reasons for the renewed inventory buildup at primary lead enterprises.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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