SMM Shanghai and Other 1# Lead Markets: SHFE Lead Pulled Back After Rising, Spot Market Premiums Adjusted Downward [SMM Midday Review]

        SMM March 18 News: In the Shanghai market, Chihong lead was quoted at 17,590-17,625 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 17,560-17,575 yuan/mt, on par with the SHFE 2504 contract. SHFE lead pulled back slightly after surging, with the overall price center shifting downward marginally. Market circulation of cargoes was limited, and suppliers stood firm on quotes for shipments. During this period, primary lead cargoes self-picked up from production sites were generally shipped at premiums, with premiums slightly reduced compared to the previous day. Secondary refined lead shipments saw narrower discounts, quoted at discounts of 75-0 yuan/mt against the SMM 1# lead average price on an ex-factory basis. Enterprises with lower prices mainly made long-term contract procurements, with a strong wait-and-see sentiment, while some just-in-time procurement was conducted as needed.

        Other Markets: Today, the SMM 1# lead price dropped by 75 yuan/mt compared to the previous trading day. In Henan, smelters mainly shipped under long-term contracts, with some suppliers quoting premiums of 50-100 yuan/mt against the SMM 1# lead average price. In Hunan, some smelters were still not operating at full capacity, resulting in limited circulating cargoes, and suppliers maintained premiums of 75-100 yuan/mt against the SMM 1# lead average price. In Yunnan, discounts of 170-180 yuan/mt against the SMM 1# lead average price were reported, with limited transactions. SHFE lead fluctuated upward, and due to constraints such as raw material supply, smelters maintained firm quotes. Downstream buyers primarily picked up goods under long-term contracts, with limited just-in-time procurement, and overall market transactions remained sluggish.