SMM Shanghai and Other 1# Lead Markets: SHFE Lead Remains at a High Consolidation Level, Downstream Enterprises Purchasing as Needed [SMM Midday Review]

        SMM reported on March 11: In the Shanghai market, Chihong lead was quoted at 17,430-17,500 yuan/mt, with premiums of 0-50 yuan/mt against the SHFE lead 2504 contract. Honglu lead was quoted at 17,430-17,450 yuan/mt, on par with the SHFE lead 2504 contract. In Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 17,400-17,450 yuan/mt, with discounts of 30-0 yuan/mt against the SHFE lead 2504 contract. SHFE lead remained in a high-level consolidation. Suppliers stood firm on quotes and some continued to wait for delivery. The premiums and discounts were basically flat compared to the previous day. Ex-factory quotes for primary lead smelters saw a slight decrease in premiums (against the SMM 1# lead average price). Secondary refined lead was quoted at discounts of 75-0 yuan/mt against the SMM 1# lead average price ex-factory, with a few quotes at premiums of 25-50 yuan/mt. Downstream enterprises purchased as needed, and transactions in the spot order market were relatively mediocre.

        Other markets: Today, the SMM 1# lead average price was flat compared to the previous trading day. In Henan, smelters quoted premiums of 25-75 yuan/mt against the SMM 1# lead average price or discounts of 180-200 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 just-in-time procurement. In Yunnan, discounts of 200 yuan/mt against the SMM 1# lead average price were maintained. With lead futures strengthening, smelters slightly lowered premiums, downstream just-in-time procurement continued, and market transactions remained subdued.