According to Mysteel's survey, as of November 24, lead ingots' social inventory in China's major markets was 43,500 tonnes, down by 2,600 tonnes from Monday and 8,400 tonnes from last Thursday.
Data Source: Mysteel
China Lead Ingots Social Inventory in Major Markets (kt) | ||||
District | 2022/11/24 | Change 24 vs.21 |
Change 24 vs. 17 |
Remark |
Shanghai | 10.8 | 0.0 | -0.4 | Holders in Shanghai were willing to maintain the price and the quotation remained unchanged or increased, so downstream enterprises mostly purchased from other markets. |
Guangdong | 7.3 | -0.3 | -1.3 | / |
Zhejiang | 11.0 | -2.0 | -5.5 | Caused by some battery factories taking warehouse warrants for reserve. |
Tianjin | 9.7 | -0.3 | -0.6 | Caused by lead ingots export. |
Data Source: Mysteel |
On the whole, lead futures prices fluctuated and rose this week. Downstream enterprises took warehouse warrants for reserve, and lead ingots in some markets were exported, so the inventory decreased this week. Looking forward to next week, on the supply side, the tight situation continues. While on the consumption side, enterprises keep seeking low prices to purchase. With the continued export of lead ingots, lead ingots' social inventory may continue to decrease next week.
Written by Durand Du, duxiaoyu@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com