SHFE Lead Contract Fell Slightly, and the Discounts of Secondary Refined Lead Narrowed

SHANGHAI, Aug 22 (SMM) - SHFE 2209 lead contract price fell slightly last week, and the average SMM 1# lead ingot price dropped by 75 yuan/mt. However, secondary refined lead smelters still suffered narrow losses. The absolute price of secondary refined lead fell slightly and the average SMM secondary refined lead price only fell by 25 yuan/mt. The discounts of secondary refined lead over SMM 1# lead ingot narrowed slightly compared with a week ago. Last Monday, SMM 1# lead ingots price fell sharply by 175 yuan/mt as SHFE lead declined. The discounts of secondary refined lead over SMM 1# lead ingot narrowed sharply from 300-250 yuan/mt on August 12 to 200-150 yuan/mt. When SHFE lead prices corrected slightly in the middle of last week, the discounts expanded slightly. However, SHFE lead prices and the price of SMM 1# lead ingot fell again last Friday. Meanwhile, the prices of secondary refined lead changed little, hence the discounts gradually narrowed.