SMM News on June 20: In the Shanghai market, Chihong and Honglu lead were quoted at 16,780-16,860 yuan/mt, with quotations against the SHFE lead 2507 contract at discounts of 50-0 yuan/mt. In the Jiangsu-Zhejiang market, JCC lead was quoted at 16,830-16,860 yuan/mt, with quotations against the SHFE lead 2507 contract on par. SHFE lead prices fluctuated and pulled back, with suppliers refusing to budge on prices during sales. Quoted discounts remained unchanged from yesterday. Additionally, there was a widening divergence in quoted prices for cargoes self-picked up from primary lead smelters. Traders mostly sold at large discounts, with mainstream production areas quoting discounts of 200-100 yuan/mt against the SMM 1# lead average price ex-factory. Smelters, however, were reluctant to sell at low prices, with their sales enthusiasm declining. Quotations ranged from discounts of 30 yuan/mt to premiums of 75 yuan/mt against the SMM 1# lead average price ex-factory. Secondary lead enterprises had limited quotations, with secondary refined lead in some regions quoted at discounts of 50 yuan/mt to premiums of 25 yuan/mt against the SMM 1# lead average price ex-factory. Downstream enterprises maintained purchasing as needed. With lead prices falling, wait-and-see sentiment rose. Some enterprises focused on long-term contract purchases, while activity in the spot order market declined.
Other markets: Today, the SMM 1# lead price fell by 50 yuan/mt from the previous trading day. In Henan, smelters quoted discounts of 20-0 yuan/mt against the SMM 1# lead ex-factory, while traders quoted discounts of 170-130 yuan/mt against the SHFE lead 2507 contract ex-factory. In Hunan, there were significant differences in quotations. Smelters' reluctance to sell at low prices increased, with fewer quotations compared to yesterday. Some quoted discounts of 30-0 yuan/mt against the SMM 1# lead, while traders actively sold, quoting discounts of 200-170 yuan/mt against the SHFE lead 2507 contract ex-factory. During the day, SHFE lead prices were in the doldrums. Downstream enterprises were cautious about purchasing due to fear of further price declines. As the weekend approached, trading in the spot market slowed down.
