SMM March 7 News: In the Shanghai market, Chihong lead was quoted at 17,465-17,530 yuan/mt, with a premium of 30-70 yuan/mt against the SHFE lead 2503 contract. Honglu lead was quoted at 17,480-17,500 yuan/mt, on par with the SHFE lead 2504 contract. In Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 17,440-17,500 yuan/mt, with a discount of 40-0 yuan/mt against the SHFE lead 2504 contract. The center of SHFE lead prices moved upward, and some suppliers were waiting for delivery, mostly standing firm on quotes. Premium quotes increased compared to the previous day. Additionally, ex-factory cargoes of primary lead smelters were quoted firmly, generally with premiums (against the SMM 1# lead average price). Discounts for secondary lead smelters narrowed, with secondary refined lead quoted at a discount of 75-0 yuan/mt against the SMM 1# lead average price ex-factory, and a few even quoted at a premium of 50 yuan/mt. Downstream enterprises purchased as needed, mainly through long-term contracts, while spot order transactions were moderate.
Other markets: Today, the SMM 1# lead price increased by 100 yuan/mt compared to the previous trading day. In Henan, smelters quoted premiums of 0-50 yuan/mt against the SMM 1# lead average price or discounts of 180-220 yuan/mt against the SHFE lead 2504 contract. In Hunan, branded lead smelters quoted premiums of 50-100 yuan/mt against the SMM 1# lead average price, with transactions based on rigid demand. Traders quoted discounts of 230-250 yuan/mt against the SHFE lead 2504 contract. In Yunnan, discounts against the SMM 1# lead average price narrowed slightly to 200 yuan/mt. Lead prices fluctuated upward, with traders showing strong interest in delivery. However, downstream consumption orders recovered slowly, and market sentiment remained cautious, resulting in sluggish market transactions.
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