SMM reported on May 8: In the Shanghai market, Honglu lead was priced at 16,770-16,830 yuan/mt, quoted at premiums of 0-20 yuan/mt against the SHFE lead 2506 contract. In Jiangsu and Zhejiang regions, JCC and Jinde lead were quoted at 16,760-16,810 yuan/mt, with discounts of 10-0 yuan/mt against the SHFE lead 2505 contract or the 2506 contract. SHFE lead prices held up well, and suppliers were actively selling, with quoted premiums lower than yesterday. Warehouse cargoes saw small discounts, while smelter cargoes self-picked up from production sites had further expanded discounts. Mainstream producing region smelters quoted cargoes self-picked up from production sites at discounts of 220-80 yuan/mt against the SHFE lead 2506 contract, ex-factory. In the secondary lead sector, production cuts increased at smelters, with some enterprises halting sales. Some secondary refined lead was quoted at discounts of 50-0 yuan/mt, or even premiums of 50-75 yuan/mt, against the SMM 1# lead average price. Downstream enterprises purchased as needed, and due to price spread factors, their rigid demand leaned towards primary lead cargoes.
Other markets: Today, the SMM 1# lead price rose by 75 yuan/mt from the previous trading day. In Henan, smelters faced rising inventory pressure, with cargoes self-picked up from production sites quoted at discounts of 50-80 yuan/mt against the SMM 1# lead price, ex-factory. In Jiangxi, smelters quoted cargoes at premiums of 150-185 yuan/mt against the SMM 1# lead average price, ex-factory, with some transactions made. In Hunan, smelters maintained quotes at discounts of 50-30 yuan/mt against the SMM 1# lead average price, ex-factory, while traders' quotes expanded to discounts of 100-60 yuan/mt against the SMM 1# lead average price. There were significant differences in selling strategies between smelters and traders, with a widening gap in quoted premiums and discounts. Downstream enterprises mainly focused on reducing finished product inventories, with poor purchasing enthusiasm, leading to generally weak spot market transactions.
