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SMM SHFE Lead Market: SHFE Lead Opens Lower but Rises, Downstream Enterprises Show Strong Sentiment of Waiting and Seeing [SMM Midday Review]
Mar 24, 2025, at 4:22 am
SMM Shanghai and Other No. 1 Lead Markets: SHFE Lead Opens Low but Rises, Downstream Enterprises Show Strong Wait-and-See Sentiment
SMM, March 24: In the Shanghai market, Chihong lead was quoted at 17,490-17,560 yuan/mt, with a premium of 0-20 yuan/mt against the SHFE 2504 contract; in the Jiangsu and Zhejiang regions, Tongguan, JCC, and Jinde lead were quoted at 17,490-17,540 yuan/mt, on parity with the SHFE 2504 contract. SHFE lead opened low but rose, and due to limited circulating supplies, suppliers stood firm on quotes, leading to some spot transactions at the beginning of the session...
SMM March 24: In the Shanghai market, Chihong lead was quoted at 17,490-17,560 yuan/mt, with premiums of 0~+20 yuan/mt against the SHFE 2504 contract; in the Jiangsu and Zhejiang regions, Tongguan, JCC, and Jinde lead were quoted at 17,490-17,540 yuan/mt, on parity with the SHFE 2504 contract. SHFE lead opened lower but moved higher, and due to limited circulating supply, suppliers stood firm on their quotes. Some spot transactions occurred at the beginning of the session, but as lead prices rose, downstream enterprises generally turned to a wait-and-see attitude. Additionally, with limited supplies of primary lead from major production areas, smelters continued to stand firm on their quotes. Meanwhile, the profit margin for secondary lead narrowed, prompting some smelters to stand firm on their quotes, leading to an expansion in regional price differences. Secondary refined lead was quoted at discounts of -180~0 yuan/mt against the SMM 1# lead average price ex-factory.
In other markets, the SMM 1# lead price remained unchanged from the previous trading day. Smelters in Henan province mainly focused on shipments under long-term contracts, with supplier quotations at discounts of -150~-180 yuan/mt against the SHFE 2505 contract. In Hunan, environmental protection issues escalated, drawing attention to local smelter production dynamics, with some spot orders quoted at premiums of +50~+100 yuan/mt against the SMM 1# lead. In Yunnan, where refined lead supply was relatively tight, discounts narrowed slightly to 160-170 yuan/mt. During the morning session, SHFE lead fluctuated at high levels, and spot market transactions were moderate. In the second trading session, as SHFE lead prices increased and the spot-futures price spread widened, trade market transactions declined, and downstream buyers adopted a cautious wait-and-see approach, resulting in a slowdown in market transactions.
