SMM News on May 15: In the Shanghai market, Chihong lead was quoted at 16,900-16,975 yuan/mt, with quotations at discounts of 30-0 yuan/mt against the SHFE lead 2506 contract or at parity against the SHFE lead 2505 contract. Honglu lead was quoted at 16,975-17,000 yuan/mt, with quotations at parity against the 2506 contract. JCC lead in Jiangsu and Zhejiang was quoted at 16,950-17,000 yuan/mt, with quotations at discounts of 20-0 yuan/mt against the 2506 contract. SHFE lead held up well and broke through the 17,000 yuan/mt threshold. Meanwhile, today was the delivery day for the SHFE lead 2505 contract. Some suppliers prioritized delivery matters, and the discounts in their quotations narrowed slightly compared to yesterday. However, primary lead smelters continued to sell cargoes self-picked up from production sites at significant discounts. The mainstream producing areas' cargoes self-picked up from production sites were quoted at discounts of 200-80 yuan/mt against the SHFE lead 2506 contract ex-factory. In the secondary lead sector, smelters increased their quotations. Secondary refined lead was quoted at discounts of 100-0 yuan/mt against the SMM 1# lead average price. Downstream enterprises had limited just-in-time procurement needs and were cautious about purchasing high-priced lead, resulting in a significant slowdown in spot market transactions.
Other markets: Today, the SMM 1# lead price rose by 50 yuan/mt compared to the previous trading day. In Henan, smelters' cargoes self-picked up from production sites were quoted at discounts of 20 yuan/mt to premiums of 20 yuan/mt against the SMM 1# lead average price ex-factory. Traders' quotations were at discounts of 180-170 yuan/mt against the SHFE lead 2506 contract. In Hunan, smelters maintained quotations at discounts of 50-30 yuan/mt against the SMM 1# lead average price or at discounts of 200 yuan/mt against the SHFE lead 2506 contract. Smelters in Anhui and Jiangxi had limited inventory and quoted at premiums of 100 yuan/mt against the SMM 1# lead average price ex-factory. In Guangdong, suppliers' cargoes self-picked up from production sites were traded at parity against the SMM 1# lead average price. As lead prices rose, smelters and traders became more active in selling and increased their quotations. However, downstream enterprises only made just-in-time procurements and maintained a strong wait-and-see sentiment, with some just-in-time transactions occurring in certain regions.
