As of December 31, the in-factory inventory of primary lead delivery brands was 17,000 mt, a WoW increase of 9,500 mt.
During the year-end period this week, downstream enterprises partially picked up goods under long-term contracts, while most enterprises entered a period of closing accounts and inventory counting, leading to a significant reduction in lead ingot procurement. Meanwhile, primary lead smelters actively expanded discounts to clear inventory, with some regions quoting spot prices against the SMM #1 lead average price at discounts of 50-0 yuan/mt ex-factory. However, actual transaction results were minimal, and the in-factory inventory of primary lead smelters increased by nearly 10,000 mt WoW. During the New Year's Day holiday, downstream enterprises generally suspended operations, but primary lead smelters largely maintained normal production. It is expected that there will still be room for an increase in smelter inventory after the holiday.
