Under the support of going to Kujia for overhaul, Shanghai lead Sanlianyang rose more than 2% again [SMM analysis]

Published: Nov 24, 2021 15:31

SMM, Nov. 24: after a whole week of malaise last week, Shanghai lead rebounded at an ultra-low level this week, and continued to rise after the opening of trading this afternoon, with an intraday increase of more than 2%, recording a long-lost Dayangzhu. By the end of trading, the main lead in Shanghai had risen 2.11% to 15250 yuan / ton, up 630 yuan / ton, or 4.31%, from the low of 14620 hit last week.

While the main lead in Shanghai has risen for three consecutive days, the spot trend also coincides with it. According to the spot quotation of SMM, as of November 24, the average spot price of SMM lead ingots rose to 15050 yuan / ton, up 325 yuan / ton from the November 19 low, or 2.21%.

"Click to view the price of SMM lead products

From a fundamental point of view, the current primary lead smelter stable production, and recently a number of large recycled lead factories exposed the news of maintenance, recycled lead is expected to reduce, supply-side pressure dropped sharply. In addition, according to October lead ingot customs export data, the export volume of refined lead reached 26643 tons in October, compared with the fact that the export volume never exceeded four digits in the previous eight months.

In terms of inventory, since September 26, SMM five lead ingots inventory has shown a trend of going to the warehouse as a whole. As of November 22, SMM lead ingot stocks in the five places totaled 154400 tons, a decrease of 28.52 percent from the September 26 high of 61600 tons, the seventh consecutive week of decline since the National Day.

Downstream consumer side, Shanghai lead yesterday under pressure of 15000 yuan / ton, lead battery market slightly wait-and-see, market activity in general.

To sum up, the good export data is positive for the market, and the news of Glencore's production reduction at overseas zinc smelters also gives a boost to lead on the side, so all kinds of good news superimposes the background of the recent rebound of domestic black series to boost the general rise of non-ferrous metals. Domestic lead prices are out of the sun three times in a row. SMM believes that the continuous decline in domestic social stocks of lead ingots and the reduction of lead ingots are expected to continue to boost lead prices this week.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
SMM Complete Summary of March 2026 Import and Export Data [SMM Data]
1 hour ago
SMM Complete Summary of March 2026 Import and Export Data [SMM Data]
Read More
SMM Complete Summary of March 2026 Import and Export Data [SMM Data]
SMM Complete Summary of March 2026 Import and Export Data [SMM Data]
[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were lower YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports surged significantly; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.
1 hour ago
Vietnam Updates Resource Tax Pricing Framework for Base Metals, Effective 2026
4 hours ago
Vietnam Updates Resource Tax Pricing Framework for Base Metals, Effective 2026
Read More
Vietnam Updates Resource Tax Pricing Framework for Base Metals, Effective 2026
Vietnam Updates Resource Tax Pricing Framework for Base Metals, Effective 2026
Ho Chi Minh City has issued a revised price list for calculating resource tax, effective from February 10, 2026. The framework covers various natural resources, including key base metals such as lead, zinc, copper, tin, and nickel. Under Vietnam’s resource tax system, metallic minerals are subject to tax rates ranging from around 10% to 40%, with lead and zinc typically taxed at about 15%. The updated pricing mechanism aims to better reflect market fluctuations and improve valuation accuracy when transaction prices are unclear or inconsistent. This may impact cost structures for domestic producers and exporters of base metals and supports Vietnam’s broader effort to enhance transparency and standardization in mineral pricing.
4 hours ago
LME 3M Lead Gains on Moderate Upward Momentum
5 hours ago
LME 3M Lead Gains on Moderate Upward Momentum
Read More
LME 3M Lead Gains on Moderate Upward Momentum
LME 3M Lead Gains on Moderate Upward Momentum
Highlights of LME Future price: Market trading at $1,961/t, up $13.50 (+0.69%) on the day. Prices opened at $1,950.5/t and moved higher, briefly touching high of $1,965.5/t before stabilizing. The upward momentum suggests short-term buying interest, although gains remain relatively moderate. Highlights of China lead market: In the remelted lead market, tight supply persisted as recyclers were reluctant to sell at lower price levels, leading to reduced spot trading activity. On the demand side, downstream buyers mainly procured on demand-basis, while others remained on the sidelines awaiting the commencement of new monthly contracts. Overall, spot trading remained subdued, balancing firm supply-side pricing with slightly weaker downstream demand.
5 hours ago