SMM November 14:
As of November 14, 2025, weekly finished product inventories of secondary lead decreased by 900 mt WoW to 4,400 mt. Lead prices fluctuated at highs this week, while supplies of primary lead cargoes self-picked up from production site were limited with firm offers, prompting downstream battery producers to make just-in-time procurement favoring the secondary market. Additionally, secondary lead smelters that resumed production are still in the ramp-up stage, focusing on long-term contract deliveries, resulting in limited spot order availability in the secondary lead market. Consequently, weekly finished product inventories at secondary lead smelters saw a slight decline WoW. Next week, SHFE lead 2511 contract will be delivered, and social inventory of lead ingots is expected to rise. If lead prices weaken as a result, downstream purchase willingness may improve. Given that secondary lead finished product inventories are at historically low levels and considering recent supply-demand conditions, a significant accumulation is unlikely in the short term.
》Order to View SMM Metal Spot Historical Prices
