SMM, September 7: In the Shanghai market, Chihong lead was reported at 16,230-16,325 yuan/mt, quoted at premiums of 20-80 yuan/mt against the SHFE lead 2610 contract. SHFE lead consolidated on a strong note. Suppliers sold along with market movements, with quotations maintaining small premiums. However, downstream inquiries were limited, with some negotiations leaning toward discounts, and market transactions were sluggish. Among them, EXW quotations for primary lead from smelters eased slightly, with premiums narrowing in south China. Mainstream production area quotations were at premiums of 0-25 yuan/mt against the SMM #1 lead average price. In the secondary lead sector, circulating cargoes were also scarce. Mainstream production area secondary refined lead quotations were at discounts of 100-50 yuan/mt against the SMM #1 lead average price.
Today, the SMM #1 lead price rose by 50 yuan/mt from the previous trading day. Smelters in Henan had limited inventory, and market quotations were somewhat chaotic. A few suppliers intended to narrow quotation discounts, while others continued to sell at large discounts. Quotations were at discounts of 150-80 yuan/mt against the SHFE lead 2610 contract, with average transactions. In Hunan, smelters reduced spot order shipments, and traders sold along with market movements, but quotation premiums were lowered. Quotations were on par with the SMM #1 lead average price, or at a discount of 130 yuan/mt against the SHFE lead 2610 contract. In Jiangxi and Anhui, smelter spot order quotations were at premiums of 80-100 yuan/mt against the SMM #1 lead average price. Lead prices continued to hold up well. Suppliers had mixed attitudes toward shipments. Some maintained firm prices due to scarce circulating cargoes, while others actively sold to realize cash. Downstream enterprises mainly purchased as needed, with long-term contract purchases dominating. Overall market transactions showed no significant improvement.
Data source statement: Except for public information, all other data are processed by SMM based on public sources, market communication, and SMM's internal database models, for reference only and do not constitute decision-making advice.
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