SMM August 29:
As of August 28, 2025, finished product inventories at secondary lead smelters stood at 13,300 mt, down 440 mt WoW. Lead prices first rose then fell during the week, with secondary lead smelters' overall willingness to sell remaining low. However, against the backdrop of smelters generally operating at low utilization rates, secondary lead finished product inventories struggled to accumulate significantly. Some idled smelters turned to purchasing externally to fulfill long-term contracts, while a few operating smelters saw their surplus volumes procured by peers for long-term contract deliveries, further tightening spot market supply. As more secondary lead smelters are expected to cut or halt production due to mounting losses after September, SMM anticipates the downward trend in secondary lead in-plant inventory may persist next week.
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