SMM Shanghai and other 1# lead markets: Lead prices fluctuate at highs, with the price spread between the north and south regions widening [SMM Midday Review]

        SMM News on June 23: In the Shanghai market, Chihong and Honglu lead were quoted at 16,810-16,880 yuan/mt, with quotations at discounts of 50-0 yuan/mt against the SHFE lead 2507 contract. In the Jiangsu and Zhejiang markets, Jijin and JCC lead were quoted at 16,840-16,880 yuan/mt, with quotations at discounts of 20-0 yuan/mt against the SHFE lead 2507 contract. SHFE lead maintained high-level consolidation, and suppliers sold goods at market prices. Due to the outflow of delivery cargoes, quotations increased compared to last Friday, with most being discount quotations. The price difference between cargoes self-picked up from production sites of primary lead smelters in the north and south expanded. In South China, most quotations were at discounts (against SMM 1# lead average price), while the North China market was relatively firm. Secondary lead smelters offered few quotations, with some secondary refined lead quotations at discounts of 50-0 yuan/mt against the SMM 1# lead average price ex-factory. Downstream enterprises adopted a wait-and-see attitude and made few purchases, with general inquiry enthusiasm and sluggish spot order market transactions.

        Other Markets: Today, the SMM 1# lead average price remained unchanged from the previous trading day. Smelters in Henan province offered quotations at parity with the SMM 1# lead average price ex-factory, while traders offered quotations at discounts of 150-130 yuan/mt against the SHFE lead 2507 contract ex-factory. Smelters in Hunan province offered quotations at discounts of 30-20 yuan/mt against the SMM 1# lead average price, but transactions were light. Some traders offered quotations at discounts of 170 yuan/mt against the SHFE lead 2508 contract or at discounts of 50 yuan/mt against the SMM 1# lead average price for sale. Smelters in Jiangxi province refused to budge on prices and offered quotations at premiums of 50-100 yuan/mt against the SMM 1# lead average price. During the day, SHFE lead stopped falling and stabilized. Downstream enterprises adopted a cautious wait-and-see attitude, focusing on just-in-time procurement. A battery enterprise stated that overall orders were stable at the end of June, with no plans to increase production, and that stocking demand during the peak season might still be premature.