SMM Shanghai and Other 1# Lead Market: Increased Lead Market Supply as Suppliers Expand Discounts to Sell [SMM Midday Review]

        SMM, February 11: Quotations in the Shanghai market were scarce; in Jiangsu and Zhejiang regions, JCC and Jijin lead were quoted at 17,130-17,175 yuan/mt, with discounts of 20-0 yuan/mt against the SHFE 2502 contract or on par with the SHFE 2503 contract. SHFE lead remained range-bound, and suppliers were actively offloading goods. Quotations for some cargoes self-picked up from production sites further widened, with slight discounts against the SMM 1# lead average price, while others were quoted at premiums of 0-50 yuan/mt ex-factory. Meanwhile, secondary lead smelters generally expanded discounts for shipments, with secondary refined lead quoted at discounts of 100-50 yuan/mt against the SMM 1# lead average price ex-factory. Downstream enterprises increased inquiries and negotiations, with some large-discounted cargoes being traded, while high-priced goods remained difficult to sell.

        Other markets: The SMM 1# lead price rose slightly by 25 yuan/mt compared to the previous trading day. In Henan, suppliers quoted discounts of 180-200 yuan/mt against the SHFE 2403 contract or near parity with the SMM 1# lead price. In Hunan, smelters quoted premiums of 50 yuan/mt, while some traders quoted discounts of 210 yuan/mt against the SHFE 2403 contract. In Yunnan, discounts remained at 300-200 yuan/mt, with long-term contract cargo pick-up still dominant. Sentiment was cautious, with buyers hesitant to purchase due to fears of price declines. Some enterprises with rigid demand actively negotiated and bought the dip, but spot order transactions were generally sluggish.