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Refinery Production Cuts and Downstream Cargo Pick-Up Lead to Expanded WoW Decline in Lead Ingot Social Inventory [SMM Lead Ingot Social Inventory]
Apr 17, 2025, at 6:02 am
【SMM Lead Ingot Social Inventory: Production Cuts at Smelters and Downstream Cargo Pick-Up Expand the WoW Decline in Lead Ingot Social Inventory】
This week, the delivery of the SHFE lead 2504 contract was completed, and the goods re-entered the circulation market after delivery. Some downstream companies gradually started to pick up goods, leading to an expanded decline in lead ingot social inventory. Recently, lead prices have been in the doldrums, while scrap battery prices remain high...
SMM News on April 17: According to SMM, as of April 17, the total social inventory of lead ingots in five regions reached 62,900 mt, a decrease of 6,600 mt compared to April 10 and a decrease of 3,700 mt compared to April 14.
This week, the delivery of the SHFE lead 2504 contract was completed, and the goods re-entered the circulation market after delivery. Some downstream companies gradually started to pick up goods, leading to an expanded decline in the social inventory of lead ingots. Recently, lead prices have been in the doldrums, while scrap battery prices remain high, squeezing the smelting profits of secondary lead. Secondary lead companies are reluctant to sell at low prices, and in some regions, the price of secondary refined lead has already exceeded that of primary lead. Downstream companies prefer primary lead for just-in-time procurement, which also accelerates the consumption of social inventory by downstream companies. Additionally, due to losses, secondary lead companies have shown limited production enthusiasm, and some have already implemented production cuts. Furthermore, due to the traditional consumption off-season factor, some downstream companies plan to reduce production or take holidays this week. The supply and demand of lead ingots are expected to decline, and the social inventory of lead ingots is expected to show a steady to slightly decreasing trend in the short term.
