[SMM Survey: Frequent Smog Weather Affects Secondary Lead Operating Rate, Current Finished Product Inventory Situation? (2024.12.16-2024.12.20)] SMM, December 20: According to a survey by Shanghai Metals Market (SMM), the weekly operating rate of secondary lead in four provinces from December 14 to December 20 was 35.2%, down 13.66 percentage points WoW. At the beginning of the week, December 16-17, multiple regions including Anhui, Shandong, and Henan issued orange alerts for smog weather, with secondary lead smelters in Shandong and Anhui reducing or halting production in response...

[SMM Newsflash: Henan Smog Alert Lifted, Lead Ingot Transportation Resumes Normal Operations] It is reported that last Thursday (January 2, 2025), Jiyuan City in Henan Province initiated a heavy pollution weather orange alert across the entire city, implementing Level II control and emergency response measures. Among these, restrictions were placed on inbound vehicles for lead smelting enterprises, leading to extended lead ingot delivery cycles for some companies. According to the latest information, as of 8:00 PM yesterday (January 5), the heavy pollution weather orange alert in Jiyuan City has been lifted, and vehicle transportation has now returned to normal.

[SMM Newsflash: Henan Smog Alert Lifted, Lead Ingot Transportation Resumes Normal Operations] It is reported that last Thursday (January 2, 2025), an orange alert for heavy pollution weather was issued across the entire city of Jiyuan, Henan Province, implementing Level II control and emergency response measures. Among them, restrictions were placed on inbound vehicles for lead smelting enterprises, leading to extended delivery cycles for lead ingots at some enterprises. According to the latest information, as of 8:00 PM yesterday (January 5), the orange alert for heavy pollution weather in Jiyuan City has been lifted, and vehicle transportation has now returned to normal.

[SMM Survey: Frequent Environmental Protection Incidents on Lead Ingot Supply Side Prompt Downstream to Consume Social Inventory] It is reported that last Thursday (January 2, 2025), Henan and Anhui regions successively issued orange smog alerts, leading to varying degrees of restrictions on the production and transportation of primary lead and secondary lead smelting enterprises...

[SMM Survey: Frequent Environmental Protection Incidents on the Lead Ingot Supply Side Prompt Downstream to Consume Social Inventory] It is reported that last Thursday (January 2, 2025), Henan and Anhui regions successively issued orange smog alerts, and the production and transportation of primary lead and secondary lead smelting enterprises were restricted to varying degrees...

Today, Dalian iron ore futures extended last week's downward trend. The most-traded I2505 contract closed at 779.5 yuan/mt, down 2.81% for the day. Traders showed moderate willingness to sell, while steel mills purchased as needed, primarily adopting a strategy of frequent small-volume purchases. Market transaction sentiment was average, with transaction prices falling 10-15 yuan/mt WoW. The supply surplus is expected to persist in the future. Ahead of the Two Sessions, coupled with severe smog expected in north China, Tangshan took the lead in issuing production restriction announcements, with some steel mills conducting blast furnace maintenance, potentially leading to further declines in pig iron production. Under the dual pressure of increasing supply and weakening demand, iron ore prices saw significant declines. Considering the production restriction policy backdrop, market expectations for the introduction of policies exceeding expectations during the Two Sessions remain weak. In the short term, ore prices are unlikely to see significant rebounds and are expected to continue fluctuating downward.