SMM

In the spot market, during this week (February 22-28, 2025), the SMM 1# lead price fluctuated rangebound, pressured to fluctuate downward around the 17,000 yuan/mt level. Refined lead supply resumed centrally, and lead ingot inventory continued to build up. In Henan, smelters maintained discounts of 0-50 yuan/mt against the SMM 1# lead price, while some suppliers quoted discounts of 200-240 yuan/mt against the SHFE 2504 contract. In Hunan, branded lead smelters quoted near parity, with some suppliers and non-branded lead quoting discounts of 50-0 yuan/mt, resulting in limited transactions. In Yunnan, primary lead discounts remained at 300-200 yuan/mt, while in Jiangsu, Zhejiang, and Shanghai, warehouse warrants were quoted at discounts of 30-0 yuan/mt against the SHFE 2503 contract, but transactions were sluggish. This week, lead prices consolidated, and spot market premiums and discounts showed no significant changes. Additionally, in the secondary refined lead market, ex-factory quotations were mainly at discounts of 50-0 yuan/mt against the SMM 1# lead price, with some high-bismuth lead quoted at discounts of 100-75 yuan/mt. Downstream buyers were cautious in purchasing based on rigid demand, and market transactions were sluggish. Mid-week, some refined lead suppliers, anticipating weaker lead prices next month, showed slight destocking sentiment. As the weekend approached, discounts narrowed slightly, and transaction performance was moderate.

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