Secondary Lead: Smelters' Shipment Enthusiasm Improved Compared to Yesterday, Downstream Enterprises Maintain Just-in-Time Procurement [SMM Lead Midday Review]

Sep 11, 2025, at 11:54 am

SMM, Sep. 11:

The SMM #1 lead average price rose by 50 yuan/mt from yesterday to 16,750 yuan/mt today. Mainstream secondary refined lead supplies in east and north China were at a premium of 0-50 yuan/mt against the SMM #1 lead average price, while discounts in Guangxi, Hunan, and nearby regions were around 50 yuan/mt. The mainstream tax-exclusive prices were 15,650-15,700 yuan/mt. Smelters' willingness to sell improved compared with yesterday, while downstream enterprises showed moderate inquiry sentiment and made just-in-time procurement only. The procurement sentiment for secondary refined lead was 0.72 today, and the sales sentiment was 1.12 (historical data can be queried in the database).

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3 months ago
The main reason for the destocking in Shanghai during the week was that low-priced sources attracted transactions. During the day, SHFE copper premiums rose [SMM Shanghai spot copper].

Secondary Lead: Smelters' Shipment Enthusiasm Improved Compared to Yesterday, Downstream Enterprises Maintain Just-in-Time Procurement [SMM Lead Midday Review]

Market closely monitors the US CPI data to be released this evening. SHFE tin maintains a fluctuating trend in the afternoon session [SMM Tin Midday Review]

The main reason for the destocking in Shanghai during the week was that low-priced sources attracted transactions. During the day, SHFE copper premiums rose [SMM Shanghai spot copper].