SMM Shanghai and other 1# lead markets: The center of lead price movement shifted downward, and downstream enterprises' purchasing enthusiasm improved slightly [SMM Midday Review]

        SMM reported on May 20: In the Shanghai market, Chihong lead was quoted at 16,775-16,845 yuan/mt, with quotations against the SHFE lead 2506 contract at premiums of 0-20 yuan/mt. Honglu lead was quoted at 16,765-16,825 yuan/mt, with quotations against the 2506 contract at discounts of 10-0 yuan/mt. In the Jiangsu-Zhejiang region, JCC lead was quoted at 16,755-16,825 yuan/mt, with quotations against the 2506 contract at discounts of 20-0 yuan/mt. The center of SHFE lead prices gradually moved lower, and the premiums and discounts quoted by suppliers remained unchanged from yesterday. Additionally, in major producing areas, smelters of primary lead offered cargoes self-picked up from production site at discounts of 50 yuan/mt to premiums of 150 yuan/mt against the SMM 1# lead average price, ex-factory. Quotations for secondary refined lead narrowed to discounts of 50-0 yuan/mt against the SMM 1# lead average price, ex-factory, with a few regions seeing premium quotations. Downstream enterprises showed increased enthusiasm for inquiries, with some making just-in-time procurement based on price dips and others preferring cargoes self-picked up from primary lead smelters for their immediate needs.

        Other markets: Today, the SMM 1# lead price fell by 75 yuan/mt from the previous trading day. In Henan, suppliers offered quotations at discounts of 25 yuan/mt against the SMM 1# lead price, or at discounts of 180-170 yuan/mt against the SHFE lead 2506 contract, ex-factory. In Hunan, smelters offered quotations at discounts of 30 yuan/mt against the SMM 1# lead average price for just-in-time procurement, while traders offered quotations at discounts of 200 yuan/mt against the SHFE lead 2506 contract. In Anhui and Jiangxi, smelters refused to budge on prices, offering quotations at premiums of 100-150 yuan/mt against the SMM 1# lead average price, ex-factory. In Guangdong, suppliers offered cargoes self-picked up from production site at premiums of 0-50 yuan/mt against the SMM 1# lead average price. Lead prices continued to weaken, with a small number of downstream enterprises making purchases on price dips, while most enterprises still focused on just-in-time procurement. The spot market improved slightly from yesterday.