Secondary Lead: Downstream intends to buy the dip, upstream holds prices firm and refuses to sell [SMM Lead Daily Review]

SMM, September 8:

Today, the suggested online prices for secondary refined lead were lowered by 50-150 yuan/mt. End-users showed improved willingness to restock at lower prices, but upstream suppliers held prices firm, with some producers not selling. Today, some suppliers adopted a wait-and-see stance, intending to sell at parity; mainstream cargoes were sold at discounts of around 50 yuan/mt ex-works, with a few at discounts of 100 yuan/mt ex-works. Amid the tug-of-war between upstream and downstream, overall transactions improved slightly. Today, the SMM secondary refined lead average price was 15,925 yuan/mt, a discount of 25 yuan/mt to the SMM #1 lead average price. Supplier selling sentiment was 1.3, and secondary refined lead purchasing sentiment was 1.96 today (historical data can be queried in the database).