SMM Shanghai and Other 1# Lead Market: SHFE Lead Shows Strong Resilience, Downstream Enterprises Hold a Wait-and-See Sentiment [SMM Midday Review]

        SMM reported on February 12: Quotations in the Shanghai market were scarce; in Jiangsu and Zhejiang regions, JCC and Jijin lead were quoted at 17,080-17,115 yuan/mt, either on parity with the SHFE 2502 contract or on parity with the SHFE 2503 contract. SHFE lead showed a trend of opening low and moving higher, with suppliers quoting accordingly. During this period, smelters' ex-factory quotations maintained premiums of 0-50 yuan/mt against the SMM 1# lead average price. In South China, premiums were further reduced. In the secondary lead market, smelters actively shipped goods, with secondary refined lead quoted at discounts of 100-50 yuan/mt against the SMM 1# lead average price ex-factory. Downstream inquiries were moderate, with some buyers showing interest in purchasing at lower prices, while others remained cautious and observed the market. Spot order transactions showed no significant improvement.

        Other markets: Today, the SMM 1# lead price dropped slightly by 25 yuan/mt compared to the previous trading day. In Henan, suppliers quoted discounts of 180-200 yuan/mt against the SHFE lead 2403 contract or near parity with the SMM 1# lead price. In Hunan, smelters quoted premiums of 50 yuan/mt, while in Guangdong, premiums were slightly reduced. In Yunnan, discounts remained at 300-200 yuan/mt, with long-term contract cargo pick-up still dominating. Most buyers were cautious and hesitant to purchase due to fears of further price declines, and spot order transactions were generally sluggish.