As of February 2, lead ingots' social inventory in China's major markets decreased by 2,700 tonnes from Monday but increased by 4,900 tonnes from January 19 to 59,200 tonnes, according to Mysteel's survey.
Data Source: Mysteel
China Lead Ingots Social Inventory in Major Markets (kt) | |||
District | 2023/2/2 | Change 2.2vs.1.30 |
Change 2.2 vs. 1.19 |
Shanghai | 10.6 | 0.0 | 0.0 |
Guangdong | 5.2 | -0.1 | -0.9 |
Zhejiang | 18.5 | -1.5 | 5.0 |
Tianjin | 16.7 | -0.1 | -0.3 |
Jiangsu | 8.2 | -1.0 | 1.1 |
Data Source: Mysteel |
Lead spot and futures prices continued to fall after the Spring Festival. Due to the resumption of production and consumption recovery of downstream enterprises, enterprises began to receive warehouse receipts for stock, and the inventory decreased this week. In-plant inventory of lead smelters increased during the festival. After the recovery of transportation, the in-plant inventory was converted into the social inventory, so the social inventory after the festival was higher than that before the festival.
Looking forward to next week, production and transportation of smelters returned to normal, and operating rates of downstream enterprises gradually increased. However, because delivered lead ingots from smelters are on the road, the social inventory may increase slightly next week.
Written by Durand Du, duxiaoyu@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com