Lead Prices Fluctuate and Consolidate, Spot Premiums Decline [SMM Refined Lead Spot Market Weekly Review]

In the spot market, this week (February 8-14, 2025), the SMM 1# lead average price fluctuated under pressure at 17,000 yuan/mt. Logistics and transportation affected by the Chinese New Year holiday have basically resumed, and spot market transactions gradually became active. Downstream enterprises resumed operations one after another this week, but mainly focused on picking up goods for long-term contracts or consuming pre-holiday inventory, with only a small amount of just-in-time procurement and active price negotiations. On the supply side, smelters maintained firm quotes. Smelters in Henan quoted a premium of 0-50 yuan/mt against the SMM 1# lead price, while smelters in Hunan adjusted the premium for primary lead to 0-75 yuan/mt for just-in-time transactions. In Yunnan, the discount for primary lead was adjusted to 300-200 yuan/mt. In Jiangsu, Zhejiang, and Shanghai, warehouse warrants were quoted at a discount of 30-0 yuan/mt against the SHFE lead 2503 contract, with limited transactions. Towards the weekend, premiums and discounts in various regions slightly decreased compared to the beginning of the week. Additionally, in the secondary refined lead market, battery scrap recycling enterprises have not fully resumed operations, resulting in limited supply growth of secondary refined lead. Suppliers stood firm on quotes with discounts of 100-0 yuan/mt against the SMM 1# lead average price, showing reluctance to sell. Downstream buyers were cautious in just-in-time procurement, and market transactions remained sluggish.

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