SMM Shanghai and other No.1 lead markets: Lead prices continue to consolidate, with regional improvement in spot market transactions [SMM Midday Review]

        SMM News on July 2: In the Shanghai market, Chihong and Honglu lead were priced at 17,045-17,135 yuan/mt, quoted at discounts of 10-0 yuan/mt against the SHFE lead 2508 contract or at a discount of 50 yuan/mt against the SHFE lead 2507 contract. In the Jiangsu-Zhejiang market, Jijin and JCC lead were priced at 17,090-17,115 yuan/mt, quoted at discounts of 30-20 yuan/mt against the SHFE lead 2508 contract. SHFE lead continued to consolidate, with suppliers quoting at discounts. During this period, cargoes self-picked up from primary lead smelters were still sold at discounts, with quotations against the SMM 1# lead average price ranging from a discount of 50 yuan/mt to a premium of 100 yuan/mt. Secondary lead enterprises sold at discounts, with secondary refined lead quotations against the SMM 1# lead average price ranging from a discount of 50-0 yuan/mt, and in a few regions, as low as a discount of 120 yuan/mt. Downstream enterprises maintained purchasing as needed, with some enterprises interested in receiving cargoes at large discounts. However, there were differences in bargaining between buyers and sellers, and spot market transactions did not show significant improvement.

        Other markets: Today, the SMM 1# lead price remained unchanged from the previous trading day. In Henan, smelters quoted at parity with the SMM 1# lead average price, while traders quoted at discounts of 180-150 yuan/mt against the SHFE lead 2508 contract. There were also individual reports of quotations at a discount of 25 yuan/mt against the SMM 1# lead average price. In Hunan, smelters' quotations against the SMM 1# lead average price narrowed slightly to discounts of 20-30 yuan/mt, with moderate transactions. Traders quoted at discounts of 220-200 yuan/mt against the SHFE lead 2508 contract. In Yunnan, suppliers quoted at discounts of 220-200 yuan/mt against the SMM 1# lead average price, with a small volume of transactions. Lead prices briefly stabilized, with downstream enterprises restocking based on immediate needs. Spot transactions of primary lead improved compared to yesterday.