Lead prices across grades rose by 1-2pc from the previous week backed up with strong demand from battery manufacturers which has remained firm. Offers were held despite a dip in LME lead. On Tuesday, LME lead settled 4pc lower from the previous week at $1,954/mt. Domestic markets strengthened in terms of spread compared to the previous week across all grades.
The Davis Index for secondary lead ingot in Delhi Wednesday settled at Rs150,056/mt ($2,034/mt) ex-works producer, up by Rs2,723/mt as demand was firm in the city. Index is up 1.85pc in a week. Offers were raised despite a fall sharp dip in LME lead levels but domestic prices continued to increase backed up with unaltered demand.
Markets for secondary lead ingot in Delhi strengthened in terms of spreads, which widened by 5.92pc from the previous week for the Delhi index. The Davis Index for secondary lead ingot in Mumbai Wednesday settled at Rs148,889/mt ex-works producer, up by Rs1,778/mt from a week prior. Spreads for the index widened by 5.26pc from the previous week while the index jumped by 1.21pc from a week prior.
Secondary lead ingots’ demand from battery manufacturers remains stable backed by demand from consumers including auto and industrial segments. With exports increasing, battery production is rising, said market participants. With a strong demand for secondary lead ingots, smelters are buying healthy quantities of scrap to meet the strong market demand.
The Davis Index for lead batteries (drained) in Mumbai Wednesday increased by Rs2,028/mt to Rs88,917/mt del consumer with healthy demand from smelters on Wednesday. The markets for lead batteries (drained) strengthened compared to the prior week as spreads for the index narrowed by 3.78pc while the index gained 2.33pc from the preceding week. The Davis Index for lead batteries (drained) in Delhi Wednesday settled at Rs86,667/mt del consumer, up by Rs1,728/mt from a week ago with healthy trades taking place in the city. The market for the grade in Delhi strengthened with the spreads for the index contracting by 3.56pc from the prior week while the index jumped 2.10pc in a week.
Lead market is maintaining an equilibrium in India, said market participants. With consistent demand from battery manufacturers supporting prices of secondary lead and scrap, a sharp fall in LME lead weekly failed to influence domestic markets. The official three-month LME lead on Tuesday settled at $1,954/mt, down 4pc or by $86/mt from the week prior.