SMM Shanghai and Other #1 Lead Markets: SHFE Lead Surges Strongly While Spot Market Trading Remains Sluggish [SMM Midday Review]

        SMM, December 23: In the Shanghai market, Honglu lead was quoted at 17,475-17,525 yuan/mt, on par with the SHFE lead 2501 contract; in Jiangsu and Zhejiang regions, JCC and Jinde lead were quoted at 17,475-17,525 yuan/mt, also on par with the SHFE lead 2501 contract. In Anhui, Henan, and other regions, smog warnings resurfaced, raising expectations of tightened supply. SHFE lead surged strongly, while suppliers, with limited inventories, stood firm on quotes. Downstream enterprises adopted a wait-and-see sentiment, with only a few making just-in-time procurement, and spot order market transactions remained sluggish.
        Other markets: Today, the SMM 1# lead average price rose by 125 yuan/mt compared to the previous trading day. In Henan, suppliers showed significant price spread, with some standing firm on quotes and reluctant to sell, but actual transactions were scarce. In Hunan, smelters had extremely limited circulating supply, and some manufacturers suspended quotes after depleting their inventories. Spot primary lead quotes maintained a premium of 200-260 yuan/mt. In Yunnan, smelter inventories also declined, with only small-scale plants achieving limited lead ingot transactions. Refined lead supply remained tight in certain areas, and overall market transactions were still sluggish.