In 2024, the supply of lead concentrates was tight, processing fees hit a historic low, and battery scrap prices repeatedly exceeded 10,000 yuan, leading to supply constraints that caused large-scale production cuts and suspensions at secondary lead smelters. Domestic lead prices remained high, and the traditional seasonal patterns of downstream demand were disrupted. These unusual developments made 2024 another best-performing year for lead prices since 2017. In 2024, lead prices experienced another "highlight moment" in nearly six years, surging to a peak of 20,050 yuan/mt on July 18, 2024, marking a new high since July 2018. However, lead prices subsequently pulled back, with SHFE lead main contract closing at 16,765 yuan/mt on December 31, 2024, up 5.71% year-on-year.

After copper prices bottomed out in September, they surged strongly at the end of the month. LME copper broke through $10,100/mt, and the most-traded SHFE copper contract rose above 79,000 yuan/mt.

According to the SMM survey, as of September 23, the total social inventory of SMM lead ingots in five regions reached 65,600 mt, an increase of 6,500 mt compared to September 19, and an increase of 15,200 mt compared to September 12.

Although there were only three trading days last week, both copper prices and SHFE spot copper premiums continued to rise.

In the first half of September, domestic aluminum ingots consecutively dropped below 800,000 mt and 750,000 mt, with the destocking speed slightly exceeding our previous expectations.

China's domestic new energy passenger vehicle sales are expected to reach around 1.1 million units, representing a 47.3% surge compared to last year and a 7.3% rise from the previous month.

[SMM Survey: Lead Ingot Social Inventories Rise to a Two-Month High; Attention Paid to Downstream Stock Preparation before National Day Holiday] According to the survey, the maintenance of primary lead and secondary lead smelting enterprises has gradually come to an end recently, leading to a steady increase in lead ingot production. In the early stage during the Mid-Autumn Festival, the lack of lead consumption caused by the holidays taken by downstream enterprises has not yet been replenished, and the social inventory of lead ingots continues to rise. Among them, smelting enterprises...

According to the SMM survey, the weekly production of sample silicon enterprises in Xinjiang (accounting for 79% of capacity) was 39,790 mt, with a weekly operating rate of 82%, remaining stable WoW.

According to the survey, from September 14 to September 20, 2024, the weekly operating rate of lead-acid battery enterprises in five provinces surveyed by SMM was 62.24%, a decrease of 6.87 percentage points compared to September 13.

SMM, September 23: The operating rate of galvanizing sector in Q3 was weaker than the same period last year. Will October change this situation?