SMM Lead Morning Meeting Summary: Average Post-Holiday Consumption, Focus on Pre-CNY Stockpiling Amid Environmental Supply Variations

[SMM Lead Morning Meeting Summary: Average Consumption Performance After New Year's Day, Recent Lead Price Trends Focus on Downstream Stockpiling Before Chinese New Year]

Spot market fundamentals: On the supply side, the impact of environmental protection fluctuates, leading to significant regional differences in lead ingot supply. Coupled with the fact that battery scrap prices are more likely to rise than fall, spot transactions with premiums are the norm. On the consumption side, consumption performance after New Year's Day has been average, and the anticipated pre-Chinese New Year stockpiling has yet to materialize...