SMM October 31:
As of October 30, 2025, weekly finished product inventories of secondary lead edged up 200 mt WoW to 3,900 mt. Secondary lead smelters that resumed production this week mainly focused on long-term contract deliveries. The production of operating smelters, in addition to meeting the supply needs of downstream battery producers, also had to undertake the long-term contract delivery tasks of idled smelters. Therefore, finished product inventories of secondary lead smelters remained at low levels. However, with the increase in the number of smelters resuming production and the gradual commissioning of new capacity, the increase in secondary lead finished product inventories is expected to expand further next week.
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