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Jan 15 (LTIT) –Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin declined 2,500 mt from last Friday January 8 to 56,400 mt as of Friday January 15, an SMM surveyed showed. This was down 400 mt from Monday January 11. Some downstream lead-acid battery makers planned to operate normally during the Chinese New Year holiday, and started to stockpile raw materials. In addition, SHFE lead fell to as low as 14,350 yuan/mt this Monday, which further encouraged downstream users to purchase. Social inventories of lead ingots are expected to decline further next week as some secondary lead smelters will start the CNY holiday. |
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