SMM March 27 News: In the Shanghai market, Chihong lead was quoted at 17,555-17,610 yuan/mt, with premiums of 0-30 yuan/mt against the SHFE 2504 contract. In the Jiangsu-Zhejiang region, JCC and Jinde lead were quoted at 17,555-17,580 yuan/mt, at parity against the SHFE 2504 contract. The overall price center of SHFE lead gradually moved upward, and suppliers actively quoted and sold goods. The sentiment to stand firm on quotes for cargoes self-picked up from production sites slightly declined, and the difficulty of shipments from secondary lead smelters increased. In some regions, the discounts for secondary refined lead expanded to 100 yuan/mt against the SMM 1# lead average price ex-factory. Downstream enterprises were not very active in procurement at month-end, with some hesitant to buy at high prices and adopting a wait-and-see approach. Spot order market transactions were relatively weak.
Other markets: Today, the SMM 1# lead price increased by 25 yuan/mt compared to the previous trading day. In Henan, smelters mainly focused on shipments under long-term contracts, with suppliers quoting discounts of 170-180 yuan/mt against the SHFE 2505 contract or premiums of around 50 yuan/mt against the SMM 1# lead ex-factory. In Hunan, suppliers quoted premiums of 50-80 yuan/mt against the SMM 1# lead ex-factory. In Yunnan, quotations were at discounts of 160-170 yuan/mt against the SMM 1# lead average price. Approaching month-end, some suppliers suspended quotations due to depleted inventories or were busy with settlement matters. Market quotations for circulating cargoes were limited, and downstream maintained just-in-time procurement, with general transaction conditions.
