US weekly lead scrap prices were rangebound for most grades on Wednesday in a quiet market.
The weekly Davis Index for whole undrained batteries declined by 0.6¢/lb to 32.1¢/lb delivered US consumer on Wednesday. The domestic market for scrap batteries remains well supplied. Demand for scrap batteries is expected to strengthen in April. Still, prices could remain rangebound as there is enough supply to meet the additional need for the material.
Participants believe average lead scrap prices in the export market during the month declined by $125/mt compared to the February average. However, demand is expected to rise in the second quarter. The index for heavy soft lead decreased by 0.9¢/lb to 78.9¢/lb delivered US consumer while mixed hard lead inched up by 0.8¢/lb to 75.1¢/lb delivered.
Lead ingot premium rose by 0.4¢/lb to 14.9¢/lb delivered amid extremely tight supply due to sluggish imports of the material and domestic smelters only able to produce enough to service their contracts.
LME lead prices trended sideways this week with the official three-month LME Lead contract closing Wednesday at $1,977/mt up by $6/mt from Mar 24.