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Suppliers Transfer Inventory to Delivery Warehouse, Lead Ingot Social Inventory Rises Again [SMM Lead Ingot Social Inventory]
Feb 10, 2025, at 12:09 pm
[SMM Social Inventory of Lead Ingots: Suppliers Transfer to Delivery Warehouse, Social Inventory of Lead Ingots Rises Again]
This week is the week prior to the delivery of the SHFE lead 2502 contract. Delivery brand lead ingots continued to transfer to delivery warehouses, and social inventory maintained an upward trend. Recently, SHFE lead fluctuated upward, while the spot market remained subdued as downstream enterprises have not yet fully resumed operations...
SMM, February 10: According to SMM, as of February 10, the total social inventory of lead ingots in five major regions tracked by SMM reached 46,200 mt, an increase of 6,900 mt compared to January 27 and an increase of 2,700 mt compared to February 6.
This week marked the week prior to the delivery of the SHFE 2502 lead contract. Delivery brand lead ingots continued to transfer to delivery warehouses, leading to a continued rise in social inventory. Recently, SHFE lead fluctuated upward, while in the spot market, downstream enterprises had not fully resumed operations. Enterprises that had resumed production were still consuming pre-holiday lead ingot stockpiles, resulting in weak purchase willingness for high-priced lead. Spot lead discounts gradually widened, with mainstream primary lead quotations against the SHFE 2503 contract at a discount of around 200 yuan/mt ex-factory, increasing suppliers' willingness to transfer to delivery warehouses. Additionally, during the Lantern Festival period, downstream enterprises were expected to fully resume operations, and secondary lead enterprises were also expected to resume supply during the same period. With both supply and demand for lead ingots increasing, the short-term social inventory is unlikely to reverse its upward trend.
