Cost Support Holds Prices Firm, Import Lead Inflow Expected to Shrink [SMM Secondary Crude Lead Weekly Review]

SMM April 17 News:

The cost side provided support for lead prices this week, with expectations for both imported and domestic secondary crude lead to hold prices firm. Domestic regular secondary crude lead was mainly transacted at 15,300-15,350 yuan/mt excluding tax, and at a discount of around 75 yuan/mt to the SMM #1 lead average price including tax. Imported crude lead (containing 0.2 Sb, 0.3 Sn) was at a discount of around 50 yuan/mt. Downstream refined lead and alloy smelters purchased on rigid demand, mainly from imported sources. The SHFE/LME price ratio narrowed and the imported lead premium rose. It is expected that the inflow of imported refined lead will decrease going forward, but as March orders were relatively large, some cargoes will still arrive at ports in April.