Social inventories of lead ingots dropped larger than expectations

SHANGHAI, Sep 4 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin dropped more than 4,700 mt from the prior week to 31,600 mt in the week ended September 4. Secondary lead smelters became less willing to sell as their raw materials inventories are running low after implementation of the new solid waste law, while lead-acid battery makers restocked on demand. In addition, a few battery makers plan to stockpile in advance for the upcoming National Day holidays.

Secondary lead supply is likely to shrink further next week as the impact of the new solid waste law on battery scrap transportation lingers.