SMM

In the spot market, the SMM 1# lead price operated at 16,475-16,675 yuan/mt this week. In the spot market, smelter supply in Henan remained stable. Under concerns about logistics and transportation before and after the Chinese New Year, downstream long-term contract cargo pick-up increased, and some smelters' inventories were sold out. Compared with last week, suppliers slightly lowered their quotes to near parity with the SMM 1# lead price this week. In Hunan, crude lead supply recovered, and primary lead supply slightly eased. However, downstream pre-holiday restocking was nearing completion, with only limited just-in-time procurement. Spot premiums in this region slightly declined to 160-180 yuan/mt. In Guangdong and Yunnan, spot market supply remained tight. Major smelters in Guangdong had not resumed production and maintained pre-sale quotes this week, while in Yunnan, primary lead with tax was quoted at premiums of 0-100 yuan/mt, with suppliers standing firm on quotes and reluctant to sell. In the trade market, circulating supply in Jiangsu, Zhejiang, and Shanghai continued to decline at the beginning of the week, with fewer quotes. By the weekend, quotes rose to premiums of 20-80 yuan/mt. Pre-holiday centralized restocking of lead ingot raw materials gradually ended, and primary lead spot transactions turned sluggish. Additionally, the secondary refined lead market saw weak trading on both ends this week. By the weekend, some suppliers offered discounts of 50 yuan/mt against the SMM 1# lead average price for ex-factory sales to expedite transactions, while other secondary refined lead quotes were at premiums of 0-100 yuan/mt against the SMM 1# lead average price for ex-factory sales.

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