SMM Shanghai and other 1# lead markets: The center of lead price movement shifts downward, with some suppliers expanding discounts for shipments [SMM Midday Review]

Published: May 28, 2025 12:35

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[SMM Shanghai and Other #1 Lead Markets: Lead Price Center Moves Lower, Some Suppliers Expand Discount for Sales] SMM May 28 Report: In the Shanghai market, Chihong and Honglu lead are priced at 16,700-16,760 yuan/mt, quoted at a discount of 20-0 yuan/mt against the SHFE lead 2506 contract. In the Jiangsu-Zhejiang region, JCC lead is priced at 16,700-16,760 yuan/mt, quoted at a discount of 30-0 yuan/mt against the 2506/2507 contracts. SHFE lead continues to be in the doldrums, with suppliers selling at market prices...

SMM News on May 28: In the Shanghai market, Chihong and Honglu lead were quoted at 16,700-16,760 yuan/mt, with quotations against the SHFE lead 2506 contract at discounts of 20-0 yuan/mt. In the Jiangsu and Zhejiang regions, JCC lead was quoted at 16,700-16,760 yuan/mt, with quotations against the 2506/2507 contracts at discounts of 30-0 yuan/mt. SHFE lead continued to be in the doldrums, and suppliers shipped goods according to market conditions. Among them, the discounts for cargoes self-picked up from primary lead smelters in major production areas widened, with quotations ranging from discounts of 60 yuan/mt to premiums of 100 yuan/mt against the SMM 1# lead average price on an ex-factory basis. Due to the decline in lead prices, quotations from secondary lead smelters decreased compared to yesterday. Some spot orders were quoted at discounts of 75-0 yuan/mt against the SMM 1# lead price on an ex-factory basis, with some at premiums of 25-75 yuan/mt. Downstream enterprises adopted a wait-and-see attitude and made cautious purchases, with a few purchasing at lower prices. Overall market transactions remained sluggish.

Other markets: Today, the SMM 1# lead price fell by 50 yuan/mt compared to the previous trading day. In Henan, suppliers offered quotations at discounts of 25-0 yuan/mt against the SMM 1# lead price, or at discounts of 200-150 yuan/mt against the SHFE lead 2507 contract on an ex-factory basis, with a small amount of just-in-time demand transactions. In Hunan, smelters offered quotations at discounts of 40-30 yuan/mt against the SMM 1# lead average price on an ex-factory basis, while individual suppliers offered quotations at discounts of 60-50 yuan/mt against the SMM 1# lead average price for dumping. In the Guangdong market, suppliers offered quotations at premiums of 0-50 yuan/mt against the SMM 1# lead price. After the decline in lead prices, downstream enterprises showed a wait-and-see attitude. As the month-end approached and new long-term contracts began, transactions in the spot order market slowed down.

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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