SMM January 9:
This week, secondary lead weekly finished product inventories increased by 16,000 mt to 17,400 mt WoW. The operating rate of secondary lead rose significantly, and the supply of spot orders for refined lead increased noticeably. Meanwhile, downstream battery producers adopted a cautious purchasing approach due to high lead prices, leading to sluggish transactions and inventory accumulation at secondary lead smelters. Additionally, the increase in surveyed enterprises this week was also a factor contributing to the rise in finished product inventories. As current weekly finished product inventories of secondary lead are at a high level for the past six months, downstream stockpiling intentions before the Chinese New Year are not yet evident. Combined with expectations of increased secondary lead production, SMM expects limited inventory reduction for finished products at secondary lead smelters next week.
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