Secondary Lead: Futures Decline, Upstream-Downstream Tug-of-War Intensifies, Secondary Refined Lead Trading Stalemate [SMM Lead Daily Review]

SMM, July 27:

The suggested secondary refined lead online price was lowered by 150 yuan/mt today. Upstream, sentiment leaned heavily toward holding back from selling following a sharp decline in the futures market, with very few actual quotes offered. Most mainstream spot orders were priced on parity with the SMM #1 lead average price ex-factory, while some enterprises held prices firm at 15,500 yuan/mt (a premium of 100 yuan/mt) and refrained from selling. Downstream enterprises adopted a wait-and-see approach and planned to purchase on dips when prices were low. There was a clear divergence in buying and selling sentiment across the market: upstream suppliers resisted significant price cuts, while downstream users preferred primary lead cargoes. Spot transactions for secondary refined lead spot orders were scarce, with the short-term market continuing to show a standoff. The SMM secondary refined lead average price was reported at 15,400 yuan/mt today, on parity with the SMM #1 lead average price. Supplier shipment sentiment stood at 0.59, while the secondary refined lead purchasing sentiment was at 2.04 today (historical data can be accessed via the database) .