[SMM Lead Futures Brief Review] During the day, the most-traded SHFE lead 2502 contract opened at 16,870 yuan/mt, briefly touched a high of 16,905 yuan/mt in early trading. However, due to weak purchasing power from downstream battery producers and bearish news of the resumption of production at a major secondary lead smelter, SHFE lead plunged intraday to a low of 16,740 yuan/mt, eventually closing at 16,825 yuan/mt, up by 0.36%...

[SMM Survey: Supply-Demand Imbalance Shifts, Social Inventory of Lead Ingots Continues to Decline] According to the survey, the smog alert in Anhui Province was lifted this week, and local secondary lead smelting enterprises gradually resumed production. However, with the decline in lead prices, the profit margin for secondary refined lead has shrunk, prompting smelting enterprises to stand firm on quotes when shipping. As of today, the quotation for secondary refined lead...

[SMM Shanghai and Other 1# Lead Markets: SHFE Lead Opens Strong After New Year's Day, While Spot Market Transactions Remain Sluggish] SMM, January 2: In the Shanghai market, Chihong lead was quoted at 16,825-16,935 yuan/mt, with a premium of 50-100 yuan/mt against the SHFE lead 2502 contract. In Jiangsu and Zhejiang regions, JCC and Jinde lead were quoted at 16,825-16,935 yuan/mt, with a premium of 50-100 yuan/mt against the SHFE lead 2502 contract. After the New Year holiday pullback, SHFE lead saw a strong opening, but due to limited circulating supply...

[SMM Lead Midday Review: Secondary Lead Prices Significantly Inverted Compared to Primary Lead, Downstream Cautious in Procurement] SMM reported on January 2: Today, the SMM 1# lead average price increased by 50 yuan/mt compared to Tuesday, reaching 16,775 yuan/mt. Secondary lead prices remained firm, with a premium of around 100 yuan/mt against the SMM 1# lead average price. The ex-factory prices of tax-free refined lead in the market were reported at 16,000-16,100 yuan/mt...

[SMM Lead Morning Meeting Summary: Festive Atmosphere Prevails, Spot Market Trading Remains Muted] Macro side, the US dollar index consolidates at a high level, and traders continue to trade on the possibility of fewer US Fed interest rate cuts in 2025. Fundamentals side, pre-holiday trading volume shrinks, lead ingot supply remains locally tight, and smelters maintain premiums and are reluctant to sell. After New Year's Day, with year-end account settlement and inventory checks completed, dealers' pre-Chinese New Year purchasing plans are gradually fulfilled.

[SMM Survey: Significant Supply-Demand Imbalance for Ore and Ingots, Primary Lead Production Records Negative Growth in 2024] According to the survey, December marked the final month of 2024, during which primary lead production aligned with the anticipated decline mentioned in the previous report, with the decrease further expanding. This month, the primary reason for the decline in primary lead production...

[SMM Analysis: Primary Lead Smelter Production to Pull Back in 2024, What Is the Share of Mine-Sourced Lead?] According to SMM production survey, primary lead smelters are expected to face cut-throat competition for raw materials in H1 2024. Some lead smelters will shift their operational focus to comprehensive recycling, with the increase in comprehensive recycling of lead-containing materials generated by the mining and smelting system indirectly boosting the proportion of mine-sourced lead at smelters. Additionally, the annual production of primary lead in 2024 is expected to record a YoY decline.

[SMM Analysis: Lead Prices Fluctuate Downward, Smelters' Maintenance Intentions Increase, January Secondary Lead Production May Drop by Over 45,000 mt?] SMM, December 31: In December 2024, secondary crude lead production increased slightly, up 0.6% MoM but down 6.03% YoY. Secondary refined lead production decreased 0.97% MoM and dropped 10.34% YoY. In December, multiple regions frequently issued orange alerts for heavy pollution weather, with secondary lead smelters in provinces such as Anhui, Henan, and Shandong significantly affected by environmental protection-related controls...