SMM Shanghai and Other 1# Lead Markets: Lead Ingot Market Quotations Are Chaotic, Downstream Enterprises Gradually Purchased as Needed at Low Prices [SMM Midday Review]

        SMM April 23: In the Shanghai market, Chihong lead was quoted at 16,875-16,975 yuan/mt, with premiums of 50-100 yuan/mt against the SHFE 2505 lead contract. Jijin lead was quoted at 16,825-16,855 yuan/mt, with premiums of 0-30 yuan/mt against the SHFE 2505 lead contract. In the Jiangsu-Zhejiang region, JCC lead was quoted at 16,825-16,855 yuan/mt, with premiums of 0-30 yuan/mt against the SHFE 2505 lead contract. SHFE lead was in the doldrums, but supported by costs such as scrap, the downside support was strong. Suppliers followed the market to sell, with significant differences in quotations. A small portion stood firm on quotes with premiums, while others sold at parity. Ex-factory primary lead cargoes were generally sold at discounts against the SHFE 2505 lead contract. In the secondary lead market, quotations varied significantly, with price differences of up to 100 yuan/mt in the same region. Secondary refined lead was quoted at discounts of 100-0 yuan/mt ex-factory against the SMM 1# lead average price. Downstream enterprises gradually made just-in-time procurement at low prices, with increased inquiry activity. Spot market trading activity was slightly better than yesterday.

        Other markets: Today, the SMM 1# lead price fell by 75 yuan/mt compared to the previous trading day. In Henan, smelters quoted at discounts of 25-0 yuan/mt ex-factory against the SMM 1# lead. Some traders slightly expanded their discounts, with spot orders quoted at discounts of 100 yuan/mt against the SHFE 2505 lead contract or discounts of 50 yuan/mt against the SMM 1# lead. In Hunan, smelters maintained premiums of 0-30 yuan/mt ex-factory against the SMM 1# lead average price. Some suppliers quoted at discounts of 30-0 yuan/mt ex-factory against the SMM 1# lead. The lead price rise slowed down, with smelters and traders actively quoting and selling. Some continued to quote with premiums against the SMM 1# lead average price. Downstream enterprises mainly made just-in-time procurement, with a small amount of pre-holiday stockpiling. Market trading was moderate.