SHANGHAI, May 21 (SMM) – Last week, SHFE lead prices fell to RMB 15,255/mt, down from RMB 15,700/mt and down 2% for the week. SHFE lead prices are expected to be between RMB 15,000-15,350/mt.
China’s domestic spot markets were less active early last week with spot prices hovering between RMB 15,500-15,550/mt. Smelters were selling goods normally, but prices for branded lead later fell as low as RMB 15,300-15,350/mt, causing smelters and dealers to stop selling. Despite continuous declines in lead prices, buying interest from lead-acid battery enterprises remained low due to reduced downstream orders. China’s domestic spot markets may not show significant improvements this week, since smelters and dealers will be reluctant to move goods due to high costs. Downstream buyers should still purchase on an as-needed basis, leaving markets depressed.