SMM Shanghai and Other #1 Lead Markets: SHFE Lead's Operating Center Moves Lower, Downstream Enterprises Only Make Just-in-Time Procurement [SMM Midday Review]

Published: May 16, 2025 12:24

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[SMM Shanghai and Other 1# Lead Markets: SHFE Lead's Price Center Moves Downward, Downstream Enterprises Only Make Just-in-Time Procurement] SMM reported on May 16: In the Shanghai market, Chihong lead was priced at 16,935-16,980 yuan/mt, with a premium of 20-30 yuan/mt against the SHFE lead 2506 contract. Honglu lead was priced at 16,900-16,930 yuan/mt, with a discount of 20-0 yuan/mt against the 2506 contract. In the Jiangsu-Zhejiang region, JCC lead was quoted at 16,900-16,930 yuan/mt, with a discount of 20-0 yuan/mt against the 2506 contract. The price center of SHFE lead moved downward compared to the previous day, with suppliers selling at market prices and a few enterprises reluctant to sell at low prices...

SMM May 16 News: In the Shanghai market, Chihong lead was quoted at 16,935-16,960 yuan/mt, with quotations against the SHFE lead 2506 contract at premiums of 20-30 yuan/mt. Honglu lead was quoted at 16,900-16,930 yuan/mt, with quotations against the 2506 contract at discounts of 20-0 yuan/mt. In the Jiangsu-Zhejiang region, JCC lead was quoted at 16,900-16,930 yuan/mt, with quotations against the 2506 contract at discounts of 20-0 yuan/mt. The center of SHFE lead operations shifted downward compared to the previous day. Suppliers sold goods in line with market conditions, with a few enterprises reluctant to sell at low prices, causing quotations to shift from discounts to premiums. Meanwhile, cargoes self-picked up from primary lead smelters were quoted at discounts of 50 yuan/mt to premiums of 100 yuan/mt against the SMM 1# lead average price ex-factory. The availability of secondary lead in the market slightly increased, with smelters offering more quotations. Secondary refined lead was quoted at discounts of 120-0 yuan/mt against the SMM 1# lead average price ex-factory. Downstream enterprises mainly made just-in-time procurement, preferring low-priced cargoes with large discounts. Trading in the spot market was sluggish.

Other markets: Today, the SMM 1# lead price fell by 25 yuan/mt compared to the previous trading day. During the day, SHFE lead was in the doldrums. Suppliers in Henan province quoted prices at discounts of 180-160 yuan/mt against the SHFE lead 2506 contract. Smelters in Hunan province quoted prices at discounts of 30-0 yuan/mt against the SMM 1# lead average price, while traders quoted prices at discounts of 50-30 yuan/mt against the SMM 1# lead average price. Smelters in Anhui and Jiangxi provinces offered relatively firm quotations, with prices quoted at premiums of 100 yuan/mt against the SMM 1# lead average price ex-factory. In Guangdong province, suppliers quoted prices for cargoes self-picked up from production sites at premiums of 25-50 yuan/mt against the SMM 1# lead average price. After the lead price weakened, downstream enterprises were cautious about purchasing due to fear of further price declines, and the overall spot market was sluggish.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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