SMM Shanghai and Other #1 Lead Markets: Lead Prices Rebound Amid Fluctuations, While Spot Trades Remain Sluggish [SMM Midday Review]

SMM January 13 News: Quotations in the Shanghai market were scarce; in Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 16,575-16,650 yuan/mt, with a premium of 0-50 yuan/mt against the SHFE lead 2502 contract. SHFE lead moved downwards after a higher opening. Suppliers had limited cargoes, and with delivery approaching, market quotations were sparse. Some smelters adjusted premiums downward for cargoes self-picked up from production sites. Premiums for secondary refined lead also narrowed. Downstream enterprises made scattered purchases, with some having completed pre-holiday stockpiling, while others purchased on dips as needed. The spot order market saw weak trading on both sides.

Other markets: Today, SMM #1 lead price increased by 100 yuan/mt compared to the previous trading day. In Henan, suppliers quoted premiums of 0-50 yuan/mt against SMM #1 lead or 0-50 yuan/mt against the SHFE lead 2402 contract. In Hunan, some suppliers slightly lowered premiums to 150-200 yuan/mt. Meanwhile, in Jiangxi, Yunnan, and Guangdong, primary lead supply had not yet recovered, maintaining premiums of 200-300 yuan/mt. This week, downstream pre-holiday demand weakened, with more wait-and-see sentiment, leading to muted transactions.