Secondary lead: Upstream-downstream bid-offer spread widens, secondary refined lead market trading is stagnant [SMM Lead Daily Review]

SMM July 31 News:

The secondary refined lead market showed clear divergence between bulls and bears. Upstream smelters held firm price sentiment, with some sources indicating quoted at premiums of +150 yuan/mt to the SMM #1 lead average price on a delivered basis, unwilling to cut prices to sell. Downstream buyers widely expected prices to fall, suggested the online price be reduced to 15,350 yuan/mt, and adopted a wait-and-see approach, delaying purchases. The price spread between secondary refined lead and primary lead narrowed, highlighting primary lead's cost-effectiveness, and purchase willingness from the buying side was weak. The intended price range for spot orders experienced wild swings, upstream and downstream expectations failed to align, and actual market transactions were limited. On that day, the SMM secondary refined lead average price was reported at 15,350 yuan/mt, at a discount of 50 yuan/mt to the SMM #1 lead average price. Supplier selling sentiment stood at 0.86, and secondary refined lead purchasing sentiment on that day was 1.1 (historical data can be accessed by logging into the database).