SMM Shanghai and other No. 1 lead markets: Lead prices rebound amid fluctuations, with regional differences in spot cargo transactions widening [SMM Midday Review]

        SMM News on July 9: In the Shanghai market, Chihong and Honglu lead were quoted at 17,165-17,205 yuan/mt, with quotations against the SHFE lead 2508 contract at a discount of 60-20 yuan/mt. In the Jiangsu, Zhejiang, Shanghai market, Jijin and JCC lead were quoted at 17,185-17,205 yuan/mt, with quotations against the SHFE lead 2508 contract at a discount of 40-20 yuan/mt. SHFE lead prices stopped falling and rebounded, with suppliers actively expanding discounts to sell goods. However, inquiries from downstream enterprises decreased compared to yesterday, and market transactions in the Jiangsu, Zhejiang, Shanghai region showed no improvement. Additionally, the price spread of cargoes self-picked up from primary lead smelters widened. In the South China market, smelters quoted prices in line with the market, with quotations against the SMM 1# lead average price at a discount of 30-0 yuan/mt. In the North China market, due to smelter supply issues, there were queues for purchasing, and quotations remained relatively firm. Furthermore, after the lead price increase, the sentiment of secondary lead enterprises to sell improved slightly. Due to regional differences in supply, quotations for secondary refined lead against the SMM 1# lead average price coexisted with a discount of 50 yuan/mt and a premium of 50 yuan/mt, with actual transactions still leaning towards discounts.

        Other markets: Today, the SMM 1# lead price increased by 100 yuan/mt compared to the previous trading day. In Henan, smelters quoted prices at a premium of 0-20 yuan/mt against the SMM 1# lead average price ex-factory, while traders quoted prices at a discount of 200-160 yuan/mt against the SHFE lead 2508 contract ex-factory. In Hunan, smelters maintained quotations at a discount of 30-20 yuan/mt against the SMM 1# lead average price ex-factory, while traders quoted prices at a discount of 220-200 yuan/mt against the SHFE lead 2508 contract. In Jiangxi, suppliers faced difficulties in selling at a premium of 100 yuan/mt against the SMM 1# lead average price ex-factory. In Yunnan, suppliers quoted prices at a discount of 200-220 yuan/mt against the SMM 1# lead average price ex-factory. Lead prices fluctuated within a range, with downstream enterprises focusing on just-in-time procurement. Regional transactions in the primary lead market were moderate.