Rigid Demand Recovery and Shipping to Delivery Warehouse, Primary Lead Enterprise Factory Inventory Declined [SMM Primary Lead Inventory Weekly Review]

Published: Apr 24, 2026 16:35

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As of April 23, the in-factory inventory of major primary lead delivery brands stood at 12,900 mt, down 8,600 mt WoW.

Primary lead supply remained relatively stable this week, while secondary lead saw notable regional production cuts, driving downstream enterprises' rigid demand back to primary lead. Inventory at smelters in major producing areas such as Henan and Hunan declined. Additionally, lead prices rose then fell during the week, with the spread between futures and spot prices widening to above 200 yuan/mt, prompting some suppliers to ship to delivery warehouses. Lead ingots were transferred from in-factory inventory to social warehouses, easing inventory pressure on smelters.

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