US lead scrap battery prices slipped this week despite flows being negatively impacted by extreme weather conditions.
Supply continues to outpace demand in the US lead batteries market and the weekly Davis Index for whole undrained batteries declined by 0.4¢/lb to 32.6¢/lb delivered US consumer on Wednesday.
Still, increased exported demand lifted the Davis Index for heavy soft lead by a penny to 80.9¢/lb delivered US consumer, while hard lead inched down by 0.1¢/lb to 76.6¢/lb delivered. Rising inquiries for soft lead in the export market has sent offers to highs of 85-87¢/lb though no transactions were confirmed at those levels.
Lead ingot premiums slipped by 0.1¢/lb to 12.7¢/lb delivered. The market for lead ingots has turned bullish due to tight supply and market participants expect premiums to rise in the near term. Some suppliers have quoted premiums at 15-20¢/lb.
LME lead prices increased this week with the official three-month LME Lead contract closing Wednesday at $2,106/mt up by $11.50/mt from $2,094.50/mt on Feb 7.