US weekly lead scrap prices were rangebound on Wednesday amid varied supply trends.
The weekly Davis Index lead ingot premium inched up by 0.1¢/lb to 15¢/lb delivered US consumer on Wednesday. The premium has risen by over 4¢/lb since the beginning of the year and is expected to rise further as the supply for this grade has been extremely tight since January.
Offers for the grade are being heard at over 16¢/lb as whatever refined lead is produced by the smelters is picked up immediately amid a dearth of imports of this grade. Moreover, some smelters are likely to shut down for maintenance next month, which would put more pressure on domestic supply.
The index for whole undrained batteries declined by 1.1¢/lb to 31¢/lb delivered US consumer on Wednesday amid stable demand and abundant supply, which is putting downward pressure on battery prices.
Adequate demand and a soft export market kept the prices for heavy soft lead flat during the week, with the index for the grade settling unchanged at 78.9¢/lb delivered US consumer. The index for hard lead was also rangebound, trending up by 0.2¢/lb to 75.3¢/lb delivered.
LME lead prices trended sideways for the second successive week with the official three-month LME Lead contract closing Wednesday at $1,975.50/mt down by $1.50/mt from Mar 31.