SHANGHAI, Jul. 13 (SMM) – SHFE 1509 lead started Thursday evening session at RMB 12,905/mt and closed up RMB 265/mt at RMB 12,960/mt with the high-end price at RMB 13,130/mt.
The contract increased to RMB 13,160/mt following China’s stock rally on Friday. Iron ore and rebar futures prices fell after a high, SHFE 1509 lead fell below RMB 13,000/mt before ending up RMB 215/mt at RMB 12,910/mt. Trading volumes totaled 5,498 lots and positions slipped 120 to 12,382.
In Shanghai market, mainstream prices for Nanfang and Chengyuan brands were RMB 13,300-13,350/mt, RMB 340/mt higher than SHFE 1509 lead. Humon and Hanjiang brans quoted RMB 13,240-13,270/mt, versus RMB 13,150-13,200/mt for Nanfang and Shuangyan brands (packed in iron).
Shandong Humon Smelting and Western Mining moved goods out, but spot supply was still tight in market. Lead prices surged following China’s stock prices. Smelters and traders were unwilling to sell but downstream buyers watched from the sidelines, leaving trades softening.