US lead scrap prices moved up and down, depending on grade, within a narrow range on Wednesday after surging by 4-6¢/lb last week.

 

The weekly Davis Index for whole undrained batteries decreased by 0.7¢/lb to 34.5¢/lb delivered US consumer on Wednesday because supply kept apace demand in the domestic and export markets.

 

Some battery producers told Davis Index that exports have driven the growth in demand for batteries, and that new battery shipments were on the rise. Moreover, producers are able to keep up with additional demand by increasing production. Higher new battery output, along with heavier demand, will drive up short-term scrap battery prices.

 

The indexes for lead scrap moved within a narrow range, as scrap flows and demand were in balance. The weekly indexes for heavy soft lead moved declined by 0.2¢/lb to 71.3¢/lb delivered, and inched up by 0.4¢/lb for hard lead to 67.3¢/lb delivered on Wednesday. 

 

Premiums, which moved up by almost a penny last week, rose slightly again this week, with the Davis Index for lead ingot premium climbing by 0.1¢/lb to 9¢/lb under the three-month LME Lead contract, despite a slight drop in weekly LME lead prices.

 

The official three-month LME lead contract closed Wednesday at $1,994.50/mt, down by $20/mt from $2,014.50/mt on August 19.

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