SMM Shanghai and Other 1# Lead Markets: SHFE Lead Surges Strongly, Spot Market Faces Tight Supply and High Prices [SMM Midday Review]

        SMM March 13 News: Quotations in the Shanghai market were scarce; in Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 17,550-17,590 yuan/mt, with a discount of 30-0 yuan/mt against the SHFE lead 2504 contract. SHFE lead rose strongly, and suppliers offered limited quotations, with some continuing to wait for delivery. Among them, cargoes self-picked up from production sites were limited, spot order quotations remained firm, while secondary lead saw an expanded discount. Downstream enterprises made just-in-time procurement and were cautious about high-priced goods.

        Other markets: Today, SMM #1 lead price increased by 100 yuan/mt compared to the previous trading day. In Henan, smelters mainly shipped under long-term contracts, with some suppliers quoting a discount of 160-200 yuan/mt against the SHFE lead 2504 contract. In Hunan, smelters were affected by crude lead supply, and primary lead quotations remained firm. In Chenzhou, smelters quoted a premium of 50-100 yuan/mt against the SMM #1 lead price, with limited just-in-time transactions. In Yunnan, the discount remained at 150-200 yuan/mt against the SMM #1 lead price. Lead futures fluctuated at high levels, the spread between futures and spot prices widened, and some traders slightly expanded their discount quotations against SHFE lead. Downstream buyers were cautious about high prices, and market transactions were relatively sluggish.