SMM March 3 News: In the Shanghai market, Chihong lead was quoted at 17,205-17,225 yuan/mt, with premiums of 0-20 yuan/mt against the SHFE 2503 contract; Honglu lead was quoted at 17,185-17,245 yuan/mt, with discounts of 40-0 yuan/mt against the SHFE 2504 contract. In Jiangsu and Zhejiang regions, Yuguang, Jijin, and JCC lead were quoted at 17,185-17,245 yuan/mt, with discounts of 40-0 yuan/mt against the SHFE 2503 contract. SHFE lead fluctuated upward, and suppliers quoted prices in line with the market. Some discounts widened compared to last Friday, while ex-factory quotes from smelters remained relatively firm. Meanwhile, secondary lead smelters stood firm on quotes, with secondary refined lead quoted at discounts of 100-0 yuan/mt against the SMM 1# lead average price on an ex-factory basis. Downstream enterprises maintained purchasing as needed, with rigid demand leaning towards lower-priced secondary lead or primary lead with significant discounts. Spot order market activity slightly improved.
Other markets: Today, the SMM 1# lead price rose by 50 yuan/mt compared to the previous trading day. In Henan, smelters maintained slight discounts against the SMM 1# lead price or quoted discounts of 200-220 yuan/mt against the SHFE 2504 contract. In Hunan, smelters quoted discounts of 25-0 yuan/mt with limited rigid demand transactions. In Yunnan, discounts of 250 yuan/mt were maintained. After the lead price rebound, downstream rigid demand was cautious, and a strong wait-and-see sentiment persisted.
