SMM Shanghai and Other 1# Lead Markets: Lead Prices Remain Stable as Downstream Enterprises Generally Make Just-in-Time Procurement [SMM Midday Review]

        SMM, February 28: In the Shanghai market, Honglu lead was quoted at 17,145-17,170 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 17,145-17,170 yuan/mt, with discounts of 20-0 yuan/mt against the SHFE 2503 contract. SHFE lead fluctuated upward, and suppliers showed relatively small differences in premiums and discounts. Meanwhile, smelters maintained stable ex-factory quotations for cargoes self-picked up from production sites. Primary lead was quoted at discounts of 50-0 yuan/mt against the SMM 1# lead average price, and secondary refined lead was quoted at discounts of 100-0 yuan/mt against the SMM 1# lead average price. Additionally, as it was Friday, some downstream buyers purchased on demand. Spot order transactions slightly improved, but warehouse warrant transactions remained limited.

        Other markets: Today, the SMM 1# lead price remained unchanged from the previous trading day. In the early session, the spot-futures price spread widened, and premiums for certain lead brands slightly increased. However, downstream purchasing enthusiasm was generally low. In Henan, smelters maintained slight discounts against the SMM 1# lead price, and some suppliers quoted discounts of 220-240 yuan/mt against the SHFE 2504 contract. In Hunan, smelters quoted discounts of 50-0 yuan/mt, with limited transactions for urgent demand, while transactions at parity were relatively difficult. In Yunnan, smelters maintained quotations at discounts of 250 yuan/mt, with sluggish downstream transactions and strong market sentiment of caution.