SMM Shanghai and other #1 lead markets: Lead prices fell weakly, with downstream enterprises mostly adopting a cautious wait-and-see attitude [SMM Midday Review]

        SMM reported on July 17: In the Shanghai market, Chihong and Honglu lead were quoted at 16,780-16,860 yuan/mt, with premiums of -50 to 0 yuan/mt against the SHFE lead 2508 contract. In the Jiangsu, Zhejiang, Shanghai market, Yuguang, Jijin, and JCC lead were quoted at 16,810-16,850 yuan/mt, with premiums of -20 to -10 yuan/mt against the SHFE lead 2508 contract. SHFE lead was in a weak consolidation phase, and suppliers were shipping goods according to market conditions. Due to the re-entry of goods into the market after delivery, quotations in the Jiangsu, Zhejiang, Shanghai market increased compared to the previous day. However, downstream enterprises had significant differences in purchasing, with some hesitating due to fear of price drops and others intending to buy the dip, resulting in a slightly better market trading atmosphere. Additionally, primary lead smelters had a strong reluctance to sell at low prices, with some refusing to budge on prices when shipping goods. Most quotations in the main producing areas were on par with the SMM #1 lead average price for factory delivery. Secondary lead smelters also had limited shipments, with secondary refined lead quotations ranging from -50 to +100 yuan/mt against the SMM #1 lead price for factory delivery.

        Other markets: Today, the SMM #1 lead price fell by 50 yuan/mt compared to the previous trading day. In Henan, smelter inventories were low, with some enterprises maintaining a suspension of spot order shipments. Some suppliers offered quotations at -130 to -100 yuan/mt against the SHFE lead 2508 contract for factory delivery. In Hunan, smelter inventories declined, and they shipped goods while refusing to budge on prices. Quotations were on par with the SMM #1 lead average price for factory delivery, with some enterprises having sold out and suspending quotations. Traders offered quotations at -180 yuan/mt against the SHFE lead 2508 contract for factory delivery. In Jiangxi, suppliers offered quotations at +50 to +100 yuan/mt against the SMM #1 lead price for factory delivery. With lead prices continuously weakening, downstream enterprises had low enthusiasm for stockpiling at low prices, generally adopting a wait-and-see attitude and being cautious in purchasing, resulting in a slightly sluggish market transaction situation.