SMM, August 18:
Views among market participants in the secondary refined lead market diverged clearly today. Some participants suggested lowering the online price by 25 yuan/mt and favored buying on dips, while others suggested keeping prices flat and following market trends. Quoted spot-futures price spreads showed a mixed picture, with some cargoes offered at a discount of 75 yuan/mt against the SMM #1 lead average price ex-works, as well as prices at parity ex-works and at a premium of 50-75 yuan/mt delivered. The sentiment tug of war between upstream and downstream participants intensified, while smelters, downstream battery plants, and alloy plants held different price expectations, and overall trading was limited. The SMM secondary refined lead average price was 15,625 yuan/mt today, a discount of 50 yuan/mt against the SMM #1 lead average price. Supplier selling sentiment was 1.39, and secondary refined lead buying sentiment was 2.11 today (historical data can be queried by logging into the database).
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