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Geographical Supply Disparities in the Lead Market Downstream Receives Low-Priced Goods as Needed [SMM Midday Review]
Mar 25, 2025, at 12:02 pm
SMM Shanghai and Other 1# Lead Markets: Regional Supply Differences in the Lead Market, Downstream Receives Low-Priced Goods as Needed
On March 25, SMM reported: In the Shanghai market, Chihong lead was quoted at 17,455-17,480 yuan/mt, with a premium of 0-20 yuan/mt against SHFE lead 2504 contract; in the Jiangsu and Zhejiang regions, JCC and Jinde lead were quoted at 17,460 yuan/mt, on parity with SHFE lead 2504 contract. SHFE lead hovered at highs, with suppliers offering few quotes, and those that were made remained relatively firm. Meanwhile, the premium for cargo pick-up from primary lead smelters (against SMM 1# lead average price) decreased, while secondary lead smelters, due to cost...
SMM March 25: In the Shanghai market, Chihong lead was quoted at 17,455-17,480 yuan/mt, with premiums of 0~20 yuan/mt against the SHFE 2504 contract; in the Jiangsu and Zhejiang regions, JCC and Jinde lead were quoted at 17,460 yuan/mt, on parity with the SHFE 2504 contract. SHFE lead hovered at highs, with suppliers offering limited quotes, which were relatively firm. Meanwhile, the premiums for ex-factory cargoes from primary lead smelters (against the SMM 1# lead average price) decreased, while secondary lead smelters, due to cost factors, narrowed their discounts, with secondary refined lead quotations against the SMM 1# lead average price at -150~0 yuan/mt ex-factory. Downstream enterprises purchased as needed, with some waiting for long-term contracts to start next month, and others purchasing as needed, favoring relatively cheaper lead ingots.
In other markets, the SMM 1# lead price dropped slightly by 25 yuan/mt compared to the previous trading day. In Henan, smelters mainly shipped under long-term contracts, with suppliers quoting at discounts of 160-180 yuan/mt against the SHFE 2505 contract; in Hunan, suppliers quoted at premiums of 50-100 yuan/mt against the SMM 1# lead; in Yunnan, where refined lead supply was relatively tight, discounts against the SMM 1# lead remained at 160-170 yuan/mt. Some downstream enterprises continued to observe, while others purchased as needed, leading to a regional improvement in spot market transactions.
