SMM Shanghai and Other 1# Lead Markets: SHFE Lead Rises Strongly, Some Suppliers Stand Firm on Quotes and Sell 【SMM Midday Review】

        SMM March 5 News: In the Shanghai market, Chihong lead was quoted at 17,285-17,305 yuan/mt, with premiums of 0-20 yuan/mt against the SHFE 2503 contract. JCC lead was quoted at 17,290-17,310 yuan/mt, with discounts of 20-0 yuan/mt against the SHFE 2504 contract. In Jiangsu and Zhejiang regions, Yuguang, Tongguan, and JCC lead were quoted at 17,245-17,310 yuan/mt, with discounts of 40-0 yuan/mt against the SHFE 2504 contract. Domestic policy favorable news spurred market sentiment, and SHFE lead fluctuated upward. Suppliers were active in selling, with some standing firm on quotes amid bullish sentiment. Discounts narrowed slightly compared to the previous day. Meanwhile, ex-factory quotes for primary lead cargoes self-picked up from production sites also saw narrower discounts. Secondary refined lead was quoted at discounts of 75-0 yuan/mt against the SMM 1# lead average price on an ex-factory basis. Downstream enterprises maintained a strong wait-and-see sentiment, with inquiries increasing relatively. Some downstream buyers focused on long-term contract purchases, while spot order transactions remained sluggish.

        Other Markets: Today, the SMM 1# lead price rose by 50 yuan/mt compared to the previous trading day. In Henan, smelters quoted slight premiums against the SMM 1# lead average price or discounts of 180-230 yuan/mt against the SHFE 2504 contract. In Hunan, branded lead smelters quoted premiums of 0-50 yuan/mt against the SMM 1# lead average price, with limited transactions for rigid demand. Some traders maintained discounts of 250 yuan/mt against the SHFE 2504 contract. In Yunnan, discounts of 250 yuan/mt against the SMM 1# lead average price were sustained. Lead prices fluctuated upward, but downstream consumption orders recovered slowly. The wait-and-see sentiment remained strong, and market transactions were still sluggish.