In the spot market this week (6.29-7.3), the SMM #1 lead price drifted lower, declining for three consecutive days and cumulatively falling 325 yuan before staging a slight rebound on Friday to recover part of the losses. Amid month-end and mid-year book-closing and inventory checks, downstream battery producers held a strong wait-and-see sentiment, only purchasing small volumes for immediate needs, leaving overall spot order trading sluggish.
By region, in Henan, smelters focused on deliveries under long-term contracts, and traders' discount range against the SHFE lead 2608 contract narrowed initially and then widened, with the full-week discount at 130-50 yuan and only sporadic transactions for low-priced cargoes; in Hunan, smelter spot order discounts gradually narrowed from 50-0 yuan to parity, with moderate transactions for low-priced cargoes; supplies in Jiangxi and Anhui remained tight throughout, with offers consistently at a premium of 100 yuan; Yunnan smelters cut prices to clear inventory, with discounts widening to 200-150 yuan during the week.
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