SMM Shanghai and Other 1# Lead Markets: Lead Prices Fluctuate Downward, Some Downstream Enterprises Continue Stocking as Needed [SMM Midday Review]

SMM reported on January 14: Quotations in the Shanghai market were scarce; in Jiangsu, Zhejiang, and Shanghai, Tongguan and JCC lead were quoted at 16,470-16,550 yuan/mt, with a premium of 20-80 yuan/mt against the SHFE lead 2502 contract. SHFE lead fluctuated downward, and as the delivery date approached, the supply of circulating cargoes in Jiangsu, Zhejiang, and Shanghai was limited. Suppliers stood firm on quotes, while refinery cargoes self-picked up from production sites saw a reduction in premiums, especially in South China, where high premiums eased. Downstream enterprises purchased on dips as needed, and regional transactions in the spot order market were moderate.

Other markets: Today, the SMM 1# lead average price dropped by 125 yuan/mt compared to the previous trading day. In Henan, pre-sales and long-term contract cargo pick-up dominated, with some suppliers slightly discounting SMM 1# lead for sales. In Hunan, premiums remained at 150-200 yuan/mt, but high-premium transactions were challenging. Meanwhile, in Jiangxi, Yunnan, Guangdong, and other regions, primary lead supply had not resumed, and quotations remained firm. Downstream pre-holiday restocking for rigid demand was nearing completion, with more wait-and-see sentiment and light transactions.