SMM Shanghai and Other 1# Lead Markets: Lead Prices Hover at Highs, Downstream Enterprises Cautious in Purchase [SMM Midday Review]

        SMM March 19 News: In the Shanghai market, Chihong lead was quoted at 17,625-17,690 yuan/mt, with premiums of 10-30 yuan/mt against the SHFE 2504 contract; in Jiangsu and Zhejiang regions, Tongguan, JCC, and Jinde lead were quoted at 17,615-17,660 yuan/mt, on par with the SHFE 2504 contract. SHFE lead hovered at highs, and market circulation of cargoes was limited. Suppliers stood firm on quotes, with primary lead cargoes self-picked up from production sites still being sold at premiums, with little change in premium levels compared to the previous day. Secondary refined lead was quoted at discounts of 75-0 yuan/mt against the SMM 1# lead average price on an ex-factory basis. Downstream enterprises showed moderate interest in inquiries and were cautious about purchasing high-priced goods, leading to weak transactions in the spot order market.

        Other markets: Today, the SMM 1# lead price increased by 50 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 not yet operating at full capacity, and circulating cargoes were limited, with suppliers maintaining premiums of 75-100 yuan/mt against the SMM 1# lead average price on an ex-factory basis. In Yunnan, discounts of 170-180 yuan/mt against the SMM 1# lead average price were reported, with limited transactions. After suppliers transferred to delivery warehouses, market circulation of cargoes remained insufficient. Suppliers held firm on quotes, while downstream buyers made just-in-time procurement in small quantities, resulting in sluggish market transactions.