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Lead Ingot Transfer to Delivery Warehouse and Relocation Boost Social Inventory; Follow-Up Focus on Lifting of Pollution Alerts in Northern Regions [SMM Social Inventory of Lead Ingots]
Mar 10, 2025, at 6:11 am
[SMM Lead Ingot Social Inventory: Lead Ingot Transfer to Delivery Warehouse Boosts Social Inventory, Focus on Lifting of Northern Pollution Alert]
This week is the week prior to the delivery of the SHFE lead 2503 contract. Delivery brands were transferred to delivery warehouses, leading to another increase in lead ingot social inventory. Recently, lead prices have fluctuated upward, with SHFE lead approaching the 17,500 yuan/mt level, while spot market transactions were weaker than futures...
As of March 10, according to SMM, the total social inventory of lead ingots in five major regions tracked by SMM reached 66,300 mt, a decrease of 4,000 mt compared to March 3, but an increase of 1,500 mt compared to March 7.
This week is the week prior to the delivery of the SHFE lead 2503 contract. Delivery brands have been transferred to delivery warehouses, leading to another increase in the social inventory of lead ingots. Recently, lead prices have fluctuated upward, especially with SHFE lead approaching the level of 17,500 yuan/mt. However, trading in the spot market has been weaker than in the futures market, resulting in a significant spread between futures and spot prices. Mainstream regions' primary lead cargoes self-picked up from production sites were offered at a discount of 200-100 yuan/mt against the SHFE lead 2504 contract on an ex-factory basis. Suppliers showed a strong willingness to transfer to delivery warehouses, and there is still an expectation of further transfers in the short term.
In the past two weeks, the resumption and restriction of production at primary and secondary lead smelters have coexisted, leading to regional differences in lead ingot supply between the north and south. It is reported that heavy pollution weather has occurred in the Beijing-Tianjin-Hebei region and surrounding areas, with emergency warnings for yellow and orange heavy pollution weather issued successively in Hebei, Henan, and Shandong. A few secondary lead smelters have suspended production due to these conditions, and some vehicle transportation has been restricted, tightening the regional supply of lead ingots (mainly due to reduced circulating cargoes). Attention should be paid to the recovery of lead ingot supply after the heavy pollution weather warnings are lifted.
