US weekly lead scrap prices increased by around 3¢/lb on Wednesday following improved exports of the material.
LME Lead prices remained high despite a slight decline from last week. The official three-month LME Lead contract increased by $18/mt from May 5 to close at $2,183.50/mt today.
Lead scrap prices have benefited this week from improving exports and finished lead consumers opting for lead scrap as raw material to fulfill their needs amid a continued tightness of primary lead. Higher LME lead prices have also pushed lead scrap prices upwards.
The weekly Davis Index for heavy soft lead increased by 2.9¢/lb to 81.2¢/lb delivered US consumer, while hard lead inched up by half a penny to 76.5¢/lb delivered.
Still, supply continues to outpace demand, especially for lead batteries keeping their prices rangebound. The index for whole undrained batteries increased by 0.2¢/lb to 31.5¢/lb delivered US consumer on Wednesday. Some scrap battery sellers are hoping that a bullish LME market will lift battery prices though others remain skeptical about such an increase.
The weekly Davis Index lead ingot premium was flat at 15.8¢/lb delivered US consumer following an ongoing shortage of refined lead.