Secondary Lead: High Lead Prices & Pre-holiday Stockpiling Gradually Winding Down, Spot Order Trading Volume Declines [SMM Lead Daily Review]

SMM, September 21:

Views in the secondary refined lead market were clearly divided today. On the smelting side, due to limited spot order supply, some proposed raising the online price by 50-75 yuan/mt; a few enterprises, facing tight spot order supply, quoted secondary refined lead at parity against the SMM #1 lead average price ex-works; the mainstream suggestion was to sell at a discount of 75 yuan/mt. Some downstream buyers reported that pre-holiday procurement was largely completed, and with current lead prices on the high side, they were holding off on inquiries and purchases for now; a few downstream buyers indicated a psychological price level of 16,075 yuan/mt for procurement. Pre-holiday stockpiling is gradually winding down, and spot order trading volume has declined. Today, the SMM secondary refined lead average price was 16,200 yuan/mt, a discount of 50 yuan/mt against the SMM #1 lead average price. Supplier selling sentiment stood at 2.98, while secondary refined lead purchasing sentiment today was 2.17 (historical data can be accessed via the database).