SMM Shanghai and Other 1# Lead Markets: SHFE Lead Remains Range-Bound, Spot Transactions Show No Significant Improvement [SMM Midday Review]

        SMM, February 24: In the Shanghai market, Honglu lead was quoted at 17,085-17,110 yuan/mt, with a discount of 20-0 yuan/mt against the SHFE lead 2503 contract. In Jiangsu and Zhejiang regions, JCC and Jijin lead were quoted at 17,085-17,110 yuan/mt, also with a discount of 20-0 yuan/mt against the SHFE lead 2503 contract. SHFE lead remained rangebound, and suppliers quoted prices accordingly. Some suppliers, due to the significant spread between futures and spot prices, preferred to transfer to delivery warehouses. During this period, ex-factory quotes for primary lead cargoes self-picked up from production sites decreased relatively, with discounts narrowing slightly to a range of 30 yuan/mt discount to 150 yuan/mt premium against the SMM 1# lead average price. Meanwhile, the discount for secondary refined lead widened, quoted at a discount of 100-50 yuan/mt ex-factory against the SMM 1# lead average price, with some as low as a 150 yuan/mt discount. Additionally, downstream enterprises showed limited rigid demand, with some focusing on long-term contract purchases, while spot order purchases were relatively cautious. Spot market transactions showed no significant improvement.

        Other markets: Today, the SMM 1# lead price remained flat compared to the previous trading day. In Henan, smelters quoted on par with or at a slight discount against the SMM 1# lead average price. In Hunan, smelters mainly shipped under long-term contracts, with some smelters not offering quotes. Smelters maintained on-par quotes with limited transactions. In Yunnan, discounts remained at 250-300 yuan/mt. Lead prices fluctuated rangebound, refined lead supply continued to recover, but downstream consumption remained weak, with slightly reduced purchasing enthusiasm. Spot market transactions were still sluggish.