SMM 1# Lead Market in Shanghai and Other Regions: Increased Imports and Secondary Lead Supply, Downstream Enterprises Maintain Just-in-Time Procurement [SMM Midday Commentary]

게시됨: Mar 20, 2025 12:36

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SMM Shanghai and Other 1# Lead Markets: Increased Imports and Secondary Lead Supply, Downstream Enterprises Maintain Just-in-Time Procurement SMM reported on March 20: In the Shanghai market, Chihong lead was quoted at 17,625-17,645 yuan/mt, with a premium of 10-30 yuan/mt against SHFE lead 2504 contract; in the Jiangsu and Zhejiang regions, Tongguan, JCC, and Jinde lead were quoted at 17,615 yuan/mt, on parity with SHFE lead 2504 contract. SHFE lead maintained high-level consolidation, suppliers quoted according to the market trend, and due to the fact that delivery sources had not yet entered the market, there were fewer quotes...

SMM March 20: In the Shanghai market, Chihong lead was quoted at 17,625-17,645 yuan/mt, with premiums of 10-30 yuan/mt against the SHFE 2504 contract; in the Jiangsu and Zhejiang regions, Tongguan, JCC, and Jinde lead were quoted at 17,615 yuan/mt, on parity with the SHFE 2504 contract. SHFE lead maintained a high-level consolidation, and suppliers quoted prices according to the market trend. As delivery goods had not yet entered the market, there were few quotations. Meanwhile, some imported lead (mainly crude lead) flowed into the domestic market, with most going directly to factories, and a small amount also being quoted. Additionally, secondary lead smelters shipped goods according to the market, but regional differences emerged. In major areas, secondary refined lead was quoted at discounts of 75-0 yuan/mt ex-factory against the SMM 1# lead average price, while in some regions, lower prices with discounts of 200-180 yuan/mt appeared. At month-end, downstream enterprises mainly received shipments under long-term contracts, with limited spot order procurement, and the spot market saw sluggish trading.

In other markets, today's SMM 1# lead price remained unchanged from 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. In Hunan, suppliers maintained premiums of 75-100 yuan/mt against the SMM 1# lead. In Yunnan, quotes were at discounts of 170-180 yuan/mt against the SMM 1# lead, with limited transactions. Premiums and discounts in various regions changed little compared to yesterday. As the month-end approached, some smelters, after completing long-term contract deliveries, saw their inventories decline, slightly raising their premium quotes. Downstream enterprises made just-in-time procurement, and the market remained sluggish.

데이터 출처 설명: 공개 정보를 제외한 모든 데이터는 SMM이 공개 정보, 시장 커뮤니케이션 및 SMM 내부 데이터베이스 모델을 기반으로 가공한 것입니다. 본 자료는 참고용이며 의사결정 권고를 구성하지 않습니다.

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