Secondary Lead: Significant Price Discrepancy Between Traders and Smelters, Downstream Enterprises Show Low Procurement Enthusiasm [SMM Lead Midday Market Review]

SMM September 2 news:

The SMM #1 lead average price remained flat at 16,725 yuan/mt today. Secondary refined lead offers were scarce, with significant price discrepancies between traders and smelters. Mainstream secondary lead smelters' ex-factory prices (including tax) were at a discount of 50-0 yuan/mt against the SMM #1 lead average price. Traders in east China quoted discounts around 25 yuan/mt, with some self pick-up offers at 100 yuan/mt discounts. It was reported that primary lead cargoes commanded a premium of 60 yuan/mt against the SMM #1 lead average price for delivery, while some secondary refined lead cargoes were offered at 50 yuan/mt premiums for delivery. Downstream enterprises showed limited purchasing interest. Today's secondary refined lead procurement sentiment stood at 0.22, while sales sentiment was 0.84 (historical data available in the database).