SHANGHAI, Jun. 3 (SMM) – An easing of supply tightness in lead markets of Henan – one of China’s primary lead producing centers – is weighing on local spot lead prices, SMM understand.
Spot lead prices in Henan were virtually on par with SMM #1 lead price at the beginning of June, compared with the premiums of 150-200 yuan per tonne in May.
In addition of production resumption of Jinli Gold & Lead, slowing consumption also helped ease shortage in Henan’s lead market, according to market participants contacted by SMM.
“Utilization rates at lead-acid battery makers, especially motive battery producers, dropped rapidly, cutting lead demand, so lead supply in Henan is not that tight now” SMM research team says.
Furthermore, demand for secondary lead improved after the price spread between secondary refined lead and #1 lead expanded to 500-600 yuan, encouraging secondary lead production in Henan.
Lead prices in Henan rose to a premium of 100 yuan per tonne to SMM #1 lead price in April with smelters starting maintenance operations and lead-acid battery ramping up production. The premiums widened in May to 150-200 yuan after Jinli Gold & Lead entering maintenance cycle as well.
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