SHFE Lead Inventory & Settlement
Warehouse inventory, futures settlement prices, and open interest data
About SHFE Lead Data
SHFE lead inventory tracks physical lead ingots in exchange-approved warehouses. China dominates global lead consumption, primarily through lead-acid battery manufacturing. Environmental regulations on lead smelters and recycling policies significantly impact supply and inventory levels. This page also includes daily settlement prices, volume, and open interest data for all active lead futures contracts, with historical data going back to 2020.
SHFE Lead Futures Contract Details
The SHFE lead futures contract has a standard lot size of 5 tonnes (5,000 kilograms), priced in Chinese yuan (CNY) per tonne. The minimum tick size is 5 CNY/tonne, and contracts are available for delivery across multiple months. Initial margin requirements are typically 8-10% of the contract value, with daily price limits of approximately 5% above or below the previous settlement price.
Physical delivery requires lead ingots meeting SHFE-specified quality standards, with a minimum purity of 99.994% Pb. Deliverable brands include registered domestic producers and select international brands. Lead ingots must be stored in SHFE-approved warehouses.
SHFE lead typically has lower trading volumes and open interest compared to copper and aluminum, reflecting the smaller overall market size for lead. However, it remains an important hedging tool for China's battery manufacturers and lead smelters who need to manage price exposure on a commodity with significant volatility.
China's Lead Battery Industry
China is the world's largest manufacturer of lead-acid batteries, which account for over 80% of the country's lead consumption. These batteries are used extensively in electric bicycles (e-bikes), automotive starter batteries, telecommunications backup power systems, and industrial energy storage. China's e-bike fleet alone numbers in the hundreds of millions, creating sustained and significant lead demand.
SHFE lead inventory closely reflects domestic battery production cycles. Stock levels tend to draw down during periods of peak battery manufacturing (typically spring and autumn) and rebuild during slower periods such as the Chinese New Year holiday. Government policies on e-bike standards and battery replacement cycles also influence demand patterns.
Environmental regulations are a major supply-side factor for Chinese lead. Government crackdowns on polluting smelters and informal lead recyclers periodically reduce supply and draw down SHFE inventory. Conversely, the expansion of modern, regulated secondary lead smelting capacity adds to domestic supply and can contribute to inventory builds. The balance between primary smelting, secondary recycling, and environmental enforcement is a key determinant of SHFE lead stock levels.
Data Sources & Methodology
MetalCharts sources SHFE lead settlement prices and weekly warrant stock data from official Shanghai Futures Exchange data feeds. Settlement prices are updated daily after market close, covering all active lead futures delivery months with open, high, low, close, volume, open interest, and turnover figures.
Inventory data is published by SHFE on a weekly basis and includes per-warehouse breakdowns. Lead inventory is displayed in metric tons as reported by the exchange. Historical data is available going back to 2020.
Frequently Asked Questions
- How is SHFE lead inventory measured?
- SHFE lead inventory is measured in metric tons. Lead is stored as ingots in SHFE-approved warehouses across China.
- Why is SHFE lead inventory important?
- China is the world's largest lead consumer, with demand driven primarily by lead-acid battery manufacturing for vehicles and energy storage.
- What drives SHFE lead inventory changes?
- Battery production cycles, vehicle manufacturing, environmental regulations on smelters, and seasonal demand patterns all influence SHFE lead stock levels.
- What is the SHFE lead settlement price?
- The SHFE lead settlement price is the official daily benchmark used for margin calculations and delivery invoicing. It reflects the weighted average of trades during the closing period and is a key reference for Chinese domestic lead pricing.
- How does lead-acid battery demand affect SHFE lead inventory?
- China is the world's largest manufacturer of lead-acid batteries, used in e-bikes, vehicles, telecommunications backup power, and energy storage. Lead-acid battery production accounts for over 80% of China's lead consumption, so SHFE lead inventory closely tracks battery manufacturing cycles and seasonal demand patterns.
- What role does lead recycling play in China?
- Secondary (recycled) lead accounts for a growing share of China's lead supply, estimated at over 40%. Government crackdowns on informal and polluting recyclers can temporarily reduce secondary supply and draw down SHFE inventory, while expansion of regulated recycling capacity adds to available stocks.