SMM Lead Morning Meeting Summary: Refined Lead Supply Sees Mixed Changes, Lead Prices Fluctuate at Highs. Fundamentals side, lead prices weakened in the early session yesterday, while mainstream quotations for scrap batteries did not follow the decline. The scrap battery supply index remained at a historical high, putting secondary refined lead smelters under significant pressure. Manufacturers held back sales and adopted a wait-and-see approach, keeping spot cargo quotations firm. In terms of primary lead, smelters in Henan that had undergone maintenance and production cuts resumed operations this week, with the discount for primary lead in Henan slightly widening mid-week. On the consumption side...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 23 Apr, 2025

【SMM Shanghai and Other #1 Lead Markets: Lead Ingot Market Quotations Chaotic, Downstream Enterprises Gradually Purchased at Low Prices as Needed】 SMM, April 23: In the Shanghai market, Chihong lead was quoted at 16,875-16,975 yuan/mt, with a premium of 50-100 yuan/mt against the SHFE lead 2505 contract. Jijin lead was quoted at 16,825-16,855 yuan/mt, with a premium of 0-30 yuan/mt against the SHFE lead 2505 contract. In the Jiangsu-Zhejiang region, JCC lead was quoted at 16,825-16,855 yuan/mt, with a premium of 0-30 yuan/mt against the SHFE lead 2505 contract. SHFE lead was in the doldrums, but due to cost support from scrap and other factors, the downside support was strong, and suppliers followed the market to sell...

SMM Lead Midday Review: Low Willingness to Sell Among Suppliers After Lead Price Drop, Few and Firm Refined Lead Offers SMM, April 23: Today, the SMM 1# lead average price dropped by 75 yuan/mt to 16,775 yuan/mt compared to yesterday, with a price difference between primary metal and scrap of 25 yuan/mt. Due to high raw material prices and significant cost pressure on secondary lead, suppliers showed low willingness to sell after the lead price drop, resulting in few and firm offers.