SMM, September 19:
As of September 18, 2025, weekly finished product inventories of secondary lead dropped to an 8-month low of only 8,300 mt, down 2,000 mt WoW. The current operating rate of secondary lead hovered around 30%, with most smelters' production only meeting long-term contract deliveries, making it difficult to accumulate finished products in producers' warehouses. In addition, downstream battery producers' stockpiling enthusiasm increased this week. With limited primary lead supply in some regions, secondary refined lead served as a supplement, which also contributed to the decline in smelters' finished product inventories. As the National Day & Mid-Autumn Festival holiday approaches, based on the current pace of secondary lead production resumptions, finished product inventories at secondary lead smelters may maintain a downward trend in late September.
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