SMM reported on December 18: In the Shanghai market, Honglu lead was quoted at 17,605-17,645 yuan/mt, with a discount of 10-0 yuan/mt against the SHFE lead 2501 contract. In Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 17,605-17,645 yuan/mt, with a discount of 10-0 yuan/mt against the SHFE lead 2501 contract. SHFE lead pulled back after rising, and due to limited spot market supply, suppliers stood firm on quotes, especially as smelters had limited in-plant inventory, leading to firmer quotes. In the secondary lead market, due to production restrictions caused by smog in major production areas, market quotations were relatively scarce. Downstream enterprises gradually made just-in-time procurement, and transactions in some regions improved.
Other markets: Today, SMM #1 lead price increased by 125 yuan/mt compared to the previous trading day. In Henan, smelters quoted a premium of 0-50 yuan/mt against the SMM #1 lead price, while some suppliers quoted a discount of 180 yuan/mt against the SHFE lead 2401 contract, standing firm on quotes and reluctant to sell. In Hunan, the tight supply of smelter spot cargoes remained unresolved, with some manufacturers out of stock and not quoting. Other suppliers maintained a premium of 100-150 yuan/mt against the SMM #1 lead price, remaining reluctant to sell. Downstream enterprises continued just-in-time procurement, but after SHFE lead weakened, some downstream enterprises turned cautious and adopted a wait-and-see approach, leading to slightly weaker market transactions.
