Secondary Lead: Market Sentiment Remains Cautious, Significant Quotation Differences Among Refined Lead Holders [SMM Lead Midday Review]

The SMM 1# lead average price increased by 25 yuan/mt compared to before the holiday, reaching 16,650 yuan/mt. On the first trading day after the holiday, market sentiment remained cautious, and there were significant differences in quotations from secondary refined lead holders. Some were quoted at a premium of 0-50 yuan/mt over the SMM 1# lead average price, ex-factory, while others at a premium of zero with local delivery. Today's tax-free ex-factory prices for refined lead ranged from 15,600 to 15,800 yuan/mt, with downstream purchasing interest being moderate.