US weekly lead scrap and whole undrained battery prices continued to be rangebound for the second successive week as supply outpaced demand.
The official three-month LME Lead contract increased by $76.50/mt from Jun 23 to close at $2,266.50/mt today.
Prices for whole undrained batteries inched up nudging the weekly Davis Index for the material up by 0.8¢/lb to 32.1¢/lb delivered US consumer on Wednesday. This market remains oversupplied with buying activity at a standstill especially in some Midwest regions. Some smelters are expected to remain out due to maintenance-related shutdowns though most are working at capacity.
Participants expect the batteries scrap market to remain rangebound in July and beyond although supply and demand appear to have found some middle ground in a few regions.
Lead scrap prices trended flat this week as scrap flows and demand balanced amid a slight decline in the LME Lead market. The weekly indexes for heavy soft lead and mixed hard lead were flat at 86.5¢/lb and 82.5¢/lb delivered US consumer, respectively.
Lead ingot premium inched down by 0.3¢/lb to17¢/lb amid a continuing dearth of lead ingots. Offers are being heard at higher premiums but there is little to no availability of the material in the market at present.