SMM June 30 Report: In the Shanghai market, Chihong and Honglu lead were quoted at 17,090-17,135 yuan/mt, with quotations at discounts of 30-10 yuan/mt against the SHFE lead 2508 contract. In the Jiangsu-Zhejiang market, Jijin and JCC lead were quoted at 17,090-17,125 yuan/mt, with quotations at discounts of 30-20 yuan/mt against the SHFE lead 2508 contract. SHFE lead prices showed a volatile and pulling-back trend, with supplier quotations at discounts changing relatively little compared to last Friday. Downstream enterprises maintained just-in-time procurement, with a few expressing interest in receiving some cargoes with large discounts. Additionally, secondary lead smelters were shipping goods according to market conditions, with secondary refined lead quotations at discounts of 100-0 yuan/mt ex-works against the SMM 1# lead average price, showing a reduced price spread advantage compared to last Friday. Spot market transactions were sluggish.
Other markets: Today, the SMM 1# lead price fell by 50 yuan/mt compared to the previous trading day. In Henan, smelter quotations were at premiums of 0-20 yuan/mt ex-works against the SMM 1# lead average price, while trader quotations were at discounts of 180-140 yuan/mt ex-works against the SHFE lead 2508 contract. In Hunan, delivery brand lead smelter quotations were at slightly expanded discounts of 40-50 yuan/mt ex-works against the SMM 1# lead average price, with trader quotations at discounts of 50 yuan/mt against the SMM 1# lead average price or at discounts of 250-200 yuan/mt against the SHFE lead 2508 contract. In Guangdong, supplier quotations were at discounts of 20-0 yuan/mt ex-works against the SMM 1# lead average price. Lead prices were under pressure and pulled back, with some downstream enterprises hesitating due to fear of further price declines, and spot primary lead transactions were relatively light.
