SMM, March 4: 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; JCC lead was quoted at 17,185-17,235 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 17,185-17,235 yuan/mt, with discounts of 40-0 yuan/mt against the SHFE 2503 contract. SHFE lead fluctuated upward, and suppliers' premiums and discounts remained largely unchanged. Smelters' ex-factory cargoes were still quoted at small discounts. Meanwhile, the supply of secondary lead gradually increased, leading to relatively ample market availability. Secondary refined lead was 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 some rigid demand leaning towards the lower-priced secondary lead. The spot market for primary lead saw no significant improvement in transactions.
Other markets: Today, the SMM 1# lead price remained flat compared to the previous trading day. In Henan, smelters quoted on par with the SMM 1# lead price or at 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, while some traders quoted discounts of 250 yuan/mt against the SHFE 2504 contract. In Yunnan, discounts of 250 yuan/mt persisted, but transactions were sluggish. Lead prices consolidated, with downstream sentiment remaining cautious and demand primarily rigid. Overall, market transactions were still sluggish.
