SHFE Lead Prices Fluctuate Upwards Amid Tight Spot Market Supply

[SMM Shanghai and Other 1# Lead Markets: SHFE Lead Fluctuated Upward, Spot Market Witnessed Tight Supply and High Prices]

SMM reported on March 17: In the Shanghai market, Chihong lead was quoted at 17,700-17,720 yuan/mt, with a premium of 30-50 yuan/mt against the SHFE lead 2504 contract. In Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 17,670 yuan/mt, on par with the SHFE lead 2504 contract. SHFE lead fluctuated upward, and as today marked the delivery day for the SHFE lead 2503 contract, suppliers were mostly occupied with transferring to delivery warehouses, resulting in fewer quotations. Meanwhile, ex-factory cargoes of primary lead maintained firm prices, generally quoted at a premium against the SMM 1# lead average price. In contrast, secondary lead was quoted at a discount of 100-0 yuan/mt against the SMM 1# lead average price. Downstream enterprises mainly engaged in just-in-time procurement, with some focusing on long-term contract purchases.