The prices for US whole undrained lead batteries scrap delivered Midwest increased by a penny on Wednesday, as late winter weather stoked demand for batteries in the Midwest and northeastern US.
The weekly Davis Index for whole undrained lead batteries increased by 1¢ to 38¢/lb on Wednesday after remaining flat for two straight weeks. Battery sales were slow during unseasonably warm peak winter months, but sustained freezing temperatures as winter nears its conclusion have caused manufacturers’ demand for scrap batteries to spike.
However, concerns about Covid-19 have weakened demand for lead scrap. The weekly Davis Index for soft lead decreased by 2¢/lb to 72¢/lb, while the index for mixed hard lead fell by a penny to 68¢/lb on Wednesday amid these apprehensions. The index for lead ingot premiums remained unchanged at 9.5¢/lb.
LME Lead has followed other base metals and decreased consistently as news emerged that Covid-19 has spread outside China. As a result, countries are considering measures needed to prevent the virus from affecting more people. The official three-month LME lead contract closed at $1,840/mt on Wednesday, down by $38 from $1,878/mt on Feb 19.