SMM Shanghai and Other 1# Lead Market: Lead Prices Fluctuate at High Levels, Transactions Show No Significant Improvement [SMM Midday Review]

        SMM, February 7: Quotations in the Shanghai market were scarce; in Jiangsu and Zhejiang regions, JCC and Jijin lead were quoted at 17,080-17,180 yuan/mt, with a discount of 30-0 yuan/mt against the SHFE lead 2502 contract or a premium of 0-30 yuan/mt against the SHFE lead 2503 contract. SHFE lead hovered at highs, suppliers actively shipped goods, and premiums were lowered. Meanwhile, smelters also reduced ex-factory premiums. Spot quotations in South China were adjusted frequently. Some secondary lead enterprises had not yet resumed production, and secondary refined lead quotations remained relatively firm, with mainstream regions quoting on par with the SMM 1# lead average price. Additionally, downstream enterprises increased production resumption, and inquiries slightly increased compared to yesterday, but the focus remained on digesting inventory, with no significant improvement in spot order transactions.

        Other markets: Today, the SMM 1# lead price dropped by 25 yuan/mt compared to the previous trading day. In Henan, suppliers offered slight premiums, and downstream buyers actively negotiated for on-par transactions. In Hunan, supply had not fully recovered, with smelters quoting premiums of 100-150 yuan/mt and holding back sales, while some traders quoted premiums of 80-100 yuan/mt. In Yunnan, discounts slightly widened to 300-200 yuan/mt. After resuming operations, downstream buyers mainly picked up goods under long-term contracts or digested pre-holiday inventory. Spot order transactions were limited to small-scale rigid demand, as some downstream enterprises were cautious about falling prices and hesitant to purchase, resulting in sluggish transactions.