SHANGHAI, Aug. 22 (SMM) – In Shanghai, Jinsha lead was offered at 19,400 yuan per tonne, or premiums of 200 yuan per tonne against SHFE 1710 lead on August 22, and Shuangyan lead was offered at premiums of 100-130 yuan per tonne against the same contract at 19,300-19,330 yuan per tonne. Traders made offers based on market conditions after SHFE 1710 lead dropped. Downstream battery producers were wary of raw material purchases, and increased replenishment demand. Transaction was modest.
In Guangdong, Shuikoushan lead was offered at 19,420 yuan per tonne, and ex-works price for Nanfang lead was 19,320 yuan per tonne, 120 yuan per tonne higher than SHFE 1710 lead. Few offers from other smelters were heard. Traders in face of tight supply made firm offers, and downstream producers increased inquiries, resulting in modest transaction.
In Henan, Wanyang Group and Anyang Minshan Nonferrous Metals only supplied goods for term contracts in response to supply shortage. Spot transaction offered by Yubei Gold & Lead Group was at premiums of 200 yuan per tonne against average SMM #1 lead price at 19,550 yuan per tonne, and 19,450-19,500 yuan per tonne from Xinling Lead Industry, 100-150 yuan per tonne higher. Lead smelters held back sales at low prices amid insufficient supply, and downstream producers increased purchases, improving transaction.
What Fuels Rapid Growth in Lead Price? SMM Reports
In Hunan, Yuteng Nonferrous Metals and Guiyang Yinxing Nonferrous Metals reported stockout, and Zhongde Smelting offered price at 19,400 yuan per tonne, 50 yuan per tonne higher than average SMM #1 lead price. Yunnan Zhenxing Industry Group, facing tight supply, mainly supplied goods for term contract. Lead smelters made firm offers for spot goods on supply shortage, and downstream battery producers replenished stocks at low prices, improving transaction.
In other news, secondary lead mainly traded at 17,000-17,100 yuan per tonne on Tuesday. Lead smelters, fearing price to drop further, were active in selling goods after lead price declined. Downstream battery producers took wait-and-see stance and produced by on-hand inventories.
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