Lead Prices Under Pressure and Weakening, Secondary Refined Lead Prices Remain Firm, Downstream Cautiously Procures on Rigid Demand [SMM Refined Lead Spot Market Weekly Review]

In the spot market, during this week (February 15-21, 2025), the SMM 1# lead price fluctuated downward. Some downstream enterprises briefly adopted a wait-and-see approach due to concerns over further price declines, and mid-week spot market transactions appeared sluggish. On the supply side, smelters in Henan quoted discounts of 0-50 yuan/mt against the SMM 1# lead price, while some suppliers offered discounts of 200 yuan/mt against the SHFE lead 2503 contract. In Hunan, smelters continued to lower premiums for primary lead to discounts of 50-0 yuan/mt, while in Yunnan, primary lead discounts remained at 300-200 yuan/mt. In Jiangsu, Zhejiang, and Shanghai, warehouse warrants were quoted at discounts of 30-0 yuan/mt against the SHFE lead 2503 contract, with limited transactions. Towards the weekend, premiums and discounts in various regions saw slight increases. Additionally, in the secondary refined lead market, scrap battery prices were more likely to rise than fall. By the weekend, secondary refined lead prices in some regions inverted against primary lead prices, leading to cautious procurement by downstream buyers and sluggish market transactions.

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