SMM Shanghai and Other 1# Lead Markets: SHFE Lead Continues to Strengthen as Suppliers Stand Firm on Quotes [SMM Midday Review]

        SMM March 14 News: In the Shanghai market, Chihong lead was quoted at 17,650-17,715 yuan/mt, with a premium of 50 yuan/mt against the SHFE 2504 contract; in Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 17,550-17,590 yuan/mt, on parity with the SHFE 2504 contract. SHFE lead continued to strengthen, hitting a new three-month high. Market circulation of goods was limited, and suppliers stood firm on quotes. During this period, ex-factory cargoes of primary lead from smelters saw premiums gradually rise to over 100 yuan/mt against the SMM 1# lead average price, while secondary refined lead was quoted at discounts of 100-0 yuan/mt ex-factory. Downstream enterprises maintained purchasing as needed, with some high-priced lead facing difficulties in transactions.

        Other markets: Today, the SMM 1# lead price increased by 25 yuan/mt compared to the previous trading day. In Henan, smelters mainly shipped under long-term contracts, and suppliers quoted discounts of 160-200 yuan/mt against the SHFE 2504 contract. In Hunan, smelter supply was limited, and primary lead was quoted firmly, with premiums of 50-100 yuan/mt against the SMM 1# lead price. Among these, branded lead from smelters saw transactions at a premium of 100 yuan/mt, with moderate performance, while some traders purchased for delivery. In Yunnan, discounts against the SMM 1# lead price remained at 150-200 yuan/mt. Lead prices fluctuated at high levels, and downstream buyers were cautious, hesitant to purchase at high prices, resulting in weak market transactions.