SMM Report: SHFE Lead Prices Retreat Slightly, Spot Market Premiums Decline

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

SMM, March 18: In the Shanghai market, Chihong lead was quoted at 17,590-17,625 yuan/mt, with a premium 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 rising, with the overall price center shifting slightly downward. Market circulation of cargoes was limited, and suppliers stood firm on quotes for sales. During this period, primary lead cargoes self-picked up from production sites were generally sold at premiums, with premiums slightly lower than the previous day. Meanwhile, secondary refined lead was sold at narrower discounts, quoted at discounts of 75-0 yuan/mt against the SMM 1# lead average price on an ex-factory basis. Downstream enterprises mainly purchased through long-term contracts, with a strong wait-and-see sentiment, while some procured as needed for immediate demand.