南华铅周报：观望下游-20250804

Report Industry Investment Rating - Not provided Core View - This week, lead prices were weakly operating. The fading of the low - price involution sentiment had a certain impact. Supply increased slightly, while demand remained sluggish. In the short term, both warehouse receipts and inventories showed signs of accumulation, indicating poor demand. It is expected that the price will maintain a volatile trend. The overall view is that lead prices will mainly fluctuate [3]. Summary by Related Catalogs 1. Market Performance - This week, lead prices showed a range - bound trend, closing at 16,735 yuan per ton. The domestic lead ingot inventory in five locations was 73,000 tons, and the LME inventory was 275,300 tons [2]. 2. Industry Performance - In late July, the pb50 TC processing fee of a silver - lead mine in North China was lowered to - 500 yuan/metal ton. The silver content was about 3000 - 4000g/physical ton, and the silver pricing coefficient was 0.95. Small amounts of other minor metals such as antimony were present, and copper and zinc did not reach the starting pricing content and were not priced separately [2]. 3. Supply - side Situation - This week, there were many news about smelters resuming work and undergoing maintenance, and the impact on lead prices remains to be investigated. Primary lead smelters had a strong production willingness due to the expected peak demand season. For recycled lead, due to cost support and the scarcity of raw material waste batteries, the recycled lead smelting end was still in a loss state, with a weak willingness to start production [3]. 4. Demand - side Situation - This week, the operating rate of lead - acid batteries was 71.86%, remaining stable. Some battery enterprises had started stockpiling for the peak season, but since it was still in the transition stage, demand was still weak in the short term. Whether consumption can pick up in August remains to be seen [3].