SMM Shanghai and other 1# lead markets: Lead smelters generally shipped at a premium, with regional differences in spot cargo transactions still existing [SMM Midday Review]

        SMM June 12 report: In the Shanghai market, Chihong and Honglu lead were quoted at 16,850-16,950 yuan/mt, with quotations at discounts of 50-0 yuan/mt against the SHFE lead 2507 contract. SHFE lead prices fluctuated upward, with suppliers quoting in line with market trends and maintaining discounted quotations. Meanwhile, primary lead smelters offered relatively firm quotations, continuing to quote at premiums of 50-100 yuan/mt against the SMM 1# lead average price for ex-factory delivery. Secondary lead smelters showed slightly better enthusiasm for shipping, with more quotations compared to yesterday. Secondary refined lead was quoted at discounts of 50 yuan/mt to premiums of 50 yuan/mt against the SMM 1# lead average price for ex-factory delivery. Downstream enterprises maintained just-in-time procurement, preferring ex-factory sources from primary lead smelters. Regional differences in spot market transactions still existed.

        Other markets: Today, the SMM 1# lead price increased by 75 yuan/mt compared to the previous trading day. In Henan, smelters quoted at premiums of 50 yuan/mt against the SMM 1# lead for ex-factory delivery, while traders quoted at discounts of 200-150 yuan/mt against the SHFE lead 2507 contract for ex-factory delivery, with low spot transaction volumes. In Hunan, smelters quoted at premiums of 50-60 yuan/mt against the SMM 1# lead for ex-factory delivery, with some transactions made. Traders quoted at discounts of 220-180 yuan/mt against the SHFE lead 2507 contract. In Anhui, smelters quoted at premiums of 100-120 yuan/mt against the SMM 1# lead for ex-factory delivery. As lead prices rose further, downstream enterprises' just-in-time demand leaned towards ex-factory sources from smelters, with moderate transactions in some regions. However, traders faced difficulties in shipping at discounts, and overall market trading activity was moderate.