SMM, February 26: In the Shanghai market, Honglu lead was quoted at 17,075-17,115 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 17,075-17,115 yuan/mt, with discounts of 20-0 yuan/mt against the SHFE 2503 contract. The SHFE lead market remained in a stalemate, with prices continuing to stagnate. Suppliers quoted prices based on market trends, while inventories of cargoes self-picked up from production sites at smelters decreased. Some enterprises suspended cargo pick-up and bulk quotations, while more cargoes flowed into social warehouses. Downstream enterprises showed limited inquiries for warehouse cargoes. Meanwhile, secondary lead smelters shipped goods based on market trends, with secondary refined lead quoted at discounts of 100-0 yuan/mt against the SMM 1# lead average price on an ex-factory basis. Most downstream enterprises received quotations from suppliers, but procurement remained demand-driven. Spot market transactions were sluggish, and discounts in some regions widened compared to the previous day.
Other markets: Today, the SMM 1# lead price rose by 25 yuan/mt compared to the previous trading day. In Henan, smelters maintained discounted quotations against the SMM 1# lead price. In Hunan, branded lead smelters quoted on parity with demand-driven transactions, while some traders sold at discounts of 50-0 yuan/mt. In Yunnan, discounts of 250 yuan/mt were quoted for demand-driven transactions. Lead prices saw a slight rebound, but downstream transactions remained sluggish, with strong market sentiment of caution. Overall, spot market transactions were still sluggish.
