SMM reported on March 17: In the Shanghai market, Chihong lead was quoted at 17,700-17,720 yuan/mt, with premiums of 30-50 yuan/mt against the SHFE 2504 contract; in Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 17,670 yuan/mt, on par with the SHFE 2504 contract. SHFE lead fluctuated upward, and as today marked the delivery date for the SHFE 2503 contract, suppliers were mostly occupied with transferring to delivery warehouses, resulting in fewer quotations. Meanwhile, ex-factory quotations for primary lead cargoes self-picked up from production sites remained firm, generally quoted at premiums against the SMM 1# lead average price. Secondary lead, however, was quoted at discounts of 100-0 yuan/mt against the SMM 1# lead average price. Downstream enterprises mainly made just-in-time procurement, with some focusing on purchases under long-term contracts.
Other markets: Today, the SMM 1# lead price increased by 75 yuan/mt compared to the previous trading day. In Henan, smelters primarily shipped under long-term contracts, while spot order quotations from traders were at discounts of 160-200 yuan/mt against the SHFE 2504 contract. In Hunan, some smelters were not yet operating at full capacity, and spot order quotations remained firm. In Yunnan, quotations were at discounts of 150-200 yuan/mt against the SMM 1# lead average price, with some traders overselling in pre-sales. SHFE lead fluctuated upward, and spot order prices in late March are expected to be higher than the monthly average price. Downstream enterprises continued to focus on long-term contract cargo pick-up, with limited just-in-time procurement. Overall, market transactions were moderate.
