SMM Oct. 17:
As of Oct. 16, 2025, the weekly finished product inventories of secondary lead stopped falling and rebounded, increasing by 200 mt WoW to 3,900 mt. As several large smelters resumed production, the weekly operating rate of secondary lead gradually rose, and the supply of refined lead gradually loosened. After the delivery of long-term contracts that were delayed during the production halt was completed, smelters' finished product inventories showed signs of a slight accumulation. In addition, downstream buyers' willingness to purchase spot lead cargoes was not high recently. Considering the above factors, SMM expects that secondary lead smelter inventories will continue to rise next week.
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