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Upstream and Downstream Enterprises Have Different Holiday Schedules; Post-Holiday Lead Ingot Social Inventory Increases as Expected [SMM Lead Ingot Social Inventory]
Feb 06, 2025, at 12:30 pm
[SMM Lead Ingot Social Inventory: Varied Holiday Schedules for Upstream and Downstream Enterprises, Post-Holiday Lead Ingot Inventory Increases as Expected]
After the Chinese New Year holiday, upstream and downstream enterprises in the lead industry chain gradually resumed operations, especially with the recovery of logistics and transportation, leading to a gradual revival of lead ingot transactions. However, due to the differing holiday schedules of upstream and downstream enterprises during the Chinese New Year...
SMM, February 6: According to SMM, as of February 6, the total social inventory of lead ingots in five regions monitored by SMM reached 43,500 mt, an increase of 4,400 mt compared to January 23 and an increase of 4,300 mt compared to January 27.
After the Chinese New Year holiday, upstream and downstream enterprises in the lead industry chain have gradually resumed operations, especially with the recovery of logistics and transportation, leading to a gradual rebound in lead ingot transactions. However, due to varying holiday durations between upstream and downstream enterprises during the Chinese New Year, downstream enterprises had longer holidays than smelters, resulting in a supply-demand mismatch for lead ingots and a general increase in smelters' inventories after the holiday. Additionally, with the strong rise in SHFE lead prices after the holiday, downstream enterprises have adopted a wait-and-see approach with reduced purchasing, leading to an expanded spread between futures and spot prices. Some suppliers are expected to transfer lead ingots to delivery warehouses or move them to warehouses near consumption areas for sales. Smelters' in-plant inventories have started to shift to social warehouses, resulting in the anticipated increase in social inventory.
Next week, as it will be the week before the delivery of the SHFE 2502 contract, lead ingot delivery sources may continue to transfer to social warehouses. Meanwhile, downstream enterprises are expected to fully resume normal operations after the Lantern Festival, bringing certain rigid demand. In the short term, the social inventory of lead ingots is expected to continue rising.
