SMM Shanghai and Other 1# Lead Markets: SHFE Lead Fluctuates at High Levels, Spot Market Trading Remains Moderate [SMM Midday Review]

        SMM, February 25: In the Shanghai market, Honglu lead was quoted at 17,090-17,110 yuan/mt, with discounts of 20-0 yuan/mt against the SHFE 2503 contract. In Jiangsu and Zhejiang regions, Yuguang, Jijin, and JCC lead were quoted at 17,090-17,110 yuan/mt, with discounts of 20-0 yuan/mt against the SHFE 2503 contract. SHFE lead continued to consolidate at high levels, and suppliers' premiums and discounts remained unchanged from the previous day. Meanwhile, smelters' ex-factory quotations for cargoes self-picked up from production sites were maintained at discounts of 50 yuan/mt to premiums of 150 yuan/mt against the SMM 1# lead average price, with a few premium quotations adjusted downward. Secondary refined lead was quoted at discounts of 100-0 yuan/mt against the SMM 1# lead average price ex-factory, with some as low as discounts of 150 yuan/mt. Additionally, downstream enterprises stabilized production after resumption, purchasing raw materials as needed. Some enterprises prioritized shipments under long-term contracts, while spot order transactions were moderate.

        In other markets: The SMM 1# lead price remained flat compared to the previous trading day. In Henan, smelters concluded transactions at slight discounts against the SMM 1# lead average price. In Hunan, smelters primarily shipped under long-term contracts, quoting on par with or at slight discounts. In Yunnan, transactions at discounts of 250 yuan/mt were concluded on a need-only basis. Lead prices continued to fluctuate rangebound, and downstream inventory digestion led to a gradual recovery in demand. Purchasing enthusiasm slightly rebounded, but transactions at premiums remained relatively difficult. Overall, spot market transactions were still sluggish.