SMM Shanghai and other No.1 lead markets: SHFE lead fluctuated upward while the spot market discount expanded [SMM Midday Review]

        SMM June 24 report: In the Shanghai market, Chihong and Honglu lead were quoted at 16,865-16,940 yuan/mt, with quotations at discounts of 50-0 yuan/mt against the SHFE lead 2507/2508 contracts. In the Jiangsu-Zhejiang market, Jijin and JCC lead were quoted at 16,885-16,920 yuan/mt, with quotations at discounts of 30-20 yuan/mt against the SHFE lead 2507/2508 contracts. SHFE lead prices held up well, and suppliers adjusted their quotations accordingly, generally offering discounts. Additionally, quotations for cargoes self-picked up from primary lead smelters increased in discounts, with mainstream production sites offering quotations at discounts of 50 yuan/mt to premiums of 50 yuan/mt against the SMM 1# lead average price ex-works. Meanwhile, quotations from secondary lead smelters increased compared to yesterday, with wider discounts. Secondary refined lead was quoted at discounts of 100-0 yuan/mt against the SMM 1# lead average price ex-works. Lead prices fluctuated upward, while consumption in the lead-acid battery market was average. Downstream enterprises adopted a wait-and-see attitude, making cautious purchases. As it approached mid-year, a small number of enterprises were engaged in account closing and inventory checks, resulting in relatively sluggish spot order market transactions.

        Other markets: Today, the SMM 1# lead price increased by 25 yuan/mt compared to the previous trading day. Smelters in Henan province offered quotations at discounts of 30-0 yuan/mt against the SMM 1# lead average price ex-works, while traders offered quotations at discounts of 200-130 yuan/mt against the SHFE lead 2507/2508 contracts ex-works. Smelters in Hunan province offered quotations at discounts of 50-30 yuan/mt against the SMM 1# lead average price, but transactions were weak. Smelters in Jiangxi and Anhui provinces offered quotations at premiums of 50-80 yuan/mt against the SMM 1# lead average price. Some individual traders in Guangdong and Tianjin held firm quotations, reluctant to sell and adopting a wait-and-see attitude. SHFE lead prices rose slightly during the day, with downstream enterprises maintaining just-in-time procurement, and overall market transactions remaining relatively sluggish.