SMM Shanghai and Other #1 Lead Markets: SHFE Lead Opened Low and Closed High, While Spot Market Trading Was Muted on Both Ends [SMM Midday Review]

        SMM, January 22: Quotations in the Shanghai market were scarce; in Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 16,700-16,780 yuan/mt, with a premium of 0-50 yuan/mt against the SHFE lead 2502 contract. SHFE lead showed a trend of opening low and moving higher, while the domestic market was increasingly influenced by the Chinese New Year atmosphere. Some suppliers had already started their holidays, and the remaining ones were also in a waiting-for-holiday mode. Spot order quotations were limited, and refinery cargoes self-picked up from production sites were sold at market-following prices, with a few offering discounts against the SMM 1# lead average price. However, most downstream enterprises had already gone on holiday, with only a few making final stock preparations, resulting in sluggish market trading.

        Other markets: Today, the SMM 1# lead price dropped by 75 yuan/mt compared to the previous trading day. Downstream stockpiling had basically ended, and market transactions continued to shrink. In Henan, individual suppliers quoted discounts of 50-0 yuan/mt against the SMM 1# lead average price, with limited just-in-time procurement from downstream. Quotations in Hunan, Yunnan, Guangdong, and other regions decreased, and market transactions remained muted.