SMM Shanghai and Other 1# Lead Market: Lead Prices Fluctuate Downward, Spot Market Trading Sluggish at Year-End [SMM Midday Review]

        SMM, December 25: In the Shanghai market, Honglu lead was quoted at 17,295-17,320 yuan/mt, with a premium of 0-10 yuan/mt against the SHFE lead 2501 contract. In the Jiangsu and Zhejiang regions, JCC and Jinde lead were quoted at 17,295-17,320 yuan/mt, with a premium of 0-10 yuan/mt against the SHFE lead 2501 contract. SHFE lead fluctuated downward, with limited market supply and few quotations from suppliers. Meanwhile, smelters maintained firm quotations for cargoes self-picked up from production sites, and secondary refined lead was quoted in line with market trends, with little difference in premiums and discounts compared to the previous day. Some large enterprises were closing accounts at the year-end, while downstream enterprises showed average procurement enthusiasm. The spot order market remained sluggish with light trading on both sides.
        Other markets: Today, the SMM 1# lead average price fell by 25 yuan/mt compared to the previous trading day. As the year-end approached, some traders suspended transactions for settlement and account closing, leading to a slight decline in overall market trading volume. In Henan, a small amount of spot cargo was quoted at a premium of 50-100 yuan/mt against the SMM 1# lead price, with suppliers reluctant to sell. In Hunan, smelters had extremely limited circulating supply, and after selling out their inventories, they suspended quotations. A few suppliers offered small quantities of primary lead spot cargo at premiums exceeding 200 yuan/mt. Downstream enterprises made just-in-time procurement locally, and overall market transactions remained sluggish.