SMM Shanghai and Other #1 Lead Market: Downstream enterprises purchase lead spot cargo as needed, with regional performance in the lead spot market being mixed [SMM Midday Review]

        SMM News on June 17: In the Shanghai market, Chihong and Honglu lead were quoted at 16,875-16,905 yuan/mt, with quotations against the SHFE lead 2507 contract at discounts of 30-0 yuan/mt. SHFE lead maintained a high consolidation pattern, and suppliers quoted prices in line with the market. Due to the relatively small amount of circulating cargoes, there were not many quotations. Additionally, the premiums for cargoes self-picked up from primary lead smelters were lowered, with quotations from mainstream production areas against the SMM 1# lead average price ranging from discounts of 30 yuan/mt to premiums of 50 yuan/mt. Quotations from secondary lead enterprises increased, with secondary refined lead quotations against the SMM 1# lead average price ranging from discounts of 75-0 yuan/mt, with some premiums of 25-75 yuan/mt. Downstream enterprises maintained just-in-time procurement, but consumption was relatively dispersed, resulting in mixed transactions in the spot market.

        Other Markets: Today, the SMM 1# lead price fell by 25 yuan/mt compared to the previous trading day. Smelters in Henan province quoted prices at parity with the SMM 1# lead average price for ex-factory delivery, while traders quoted prices at discounts of 180-140 yuan/mt against the SHFE lead 2507 contract for ex-factory delivery. Smelters in Hunan province had limited inventory and quoted prices at premiums of 0-30 yuan/mt against the SMM 1# lead average price for ex-factory delivery, with just-in-time transactions. Traders quoted prices at discounts of 30-0 yuan/mt against the SMM 1# lead average price or at discounts of 180 yuan/mt against the SHFE lead 2507 contract for ex-factory delivery. Suppliers in Jiangxi province quoted prices at premiums of 50-100 yuan/mt against the SMM 1# lead average price for ex-factory delivery. During the day, SHFE lead was in the doldrums, and downstream enterprises bought the dip in line with the market, with transaction conditions changing relatively little compared to yesterday.