SMM Shanghai and other 1# lead markets: Lead prices fluctuated and pulled back, with slightly better regional transactions in the spot market [SMM midday review]

        SMM News on July 7: In the Shanghai market, Chihong and Honglu lead were quoted at 17,020-17,080 yuan/mt, with quotations against the SHFE lead 2508 contract at discounts of 60-20 yuan/mt. In the Jiangsu-Zhejiang market, Jijin and JCC lead were quoted at 17,040-17,080 yuan/mt, with quotations against the SHFE lead 2508 contract at discounts of 40-20 yuan/mt. The center of SHFE lead prices moved further downward, with suppliers' quoted discounts narrowing slightly. Meanwhile, the quoted discounts for cargoes self-picked up from primary lead smelters also narrowed synchronously. The main producing areas quoted prices at discounts of 30 yuan/mt to premiums of 20 yuan/mt against the SMM lead average price. Secondary lead smelters were reluctant to sell at low prices, with secondary refined lead quoted at discounts of 30-0 yuan/mt against the SMM 1# lead average price. A few regions saw premiums of 20-50 yuan/mt. Downstream enterprises had a strong wait-and-see sentiment, with only some making just-in-time procurement. The spot order market for primary lead remained sluggish.

        Other markets: Today, the SMM 1# lead price fell by 75 yuan/mt compared to the previous trading day. In Henan, smelters quoted prices at premiums of 0-20 yuan/mt against the SMM 1# lead average price, while traders quoted prices at discounts of 180-160 yuan/mt against the SHFE lead 2508 contract, with some transactions occurring for cargoes with large discounts. In Hunan, smelters maintained quoted discounts of 30-20 yuan/mt against the SMM 1# lead average price, while traders faced difficulties in concluding transactions with quotations at discounts of 200 yuan/mt against the SHFE lead 2508 contract. In Yunnan, suppliers quoted prices at discounts of 200 yuan/mt against the SMM 1# lead average price. Lead prices were in the doldrums, with suppliers following market trends. Some smelters refused to budge on prices when selling, while downstream enterprises bought the dip as needed. The primary lead market saw a slight improvement in transactions.