SMM, December 31: In the Shanghai market, Chihong lead was quoted at 16,825-16,875 yuan/mt, with a premium of 100-150 yuan/mt against the SHFE lead 2502 contract. In the Jiangsu and Zhejiang regions, JCC lead was quoted at 16,750-16,825 yuan/mt, with a premium of 30-100 yuan/mt against the SHFE lead 2502 contract. Before the New Year’s Day holiday, SHFE lead continued to fluctuate downward, while the market was dominated by a strong holiday sentiment, leading to fewer quotes. Meanwhile, quotes for cargoes self-picked up from production sites by smelters were also limited. Secondary lead smelters gradually resumed production, but declining profits resulted in fewer firm quotes from smelters. Downstream enterprises remained on the sidelines, and trading in the spot order market was sluggish.
Other markets: Today, SMM #1 lead prices dropped by 75 yuan/mt compared to the previous trading day, with market transactions remaining sluggish. In Henan, spot prices against SMM #1 lead carried a premium of 25-75 yuan/mt or a premium of 50 yuan/mt against the SHFE lead 2402 contract. In Hunan, Yunnan, Guangdong, and other regions, smelters had very limited circulating cargoes, and after depleting their inventories, they suspended quoting. In Hunan, small inventories were still quoted at a premium of 300 yuan/mt against SMM #1 lead, with sellers reluctant to sell. The tight supply of primary lead in certain regions remained unresolved. As the year-end approached, downstream purchasing enthusiasm also declined, market transactions continued to shrink, and both upstream and downstream participants maintained a strong wait-and-see sentiment.
