India: Remelted lead ingot prices remain stable w-o-w

India's lead market remained firm compared to other base metals, SteelMint assessment shows.

The prices of remelted lead (secondary) increased by 1.09% and pure lead (primary) increased by 1.02% on a w-o-w basis. The daily scheduled assessment of secondary remelted lead ingots stood at INR 185,000/t ($2,430/t) and primary pure lead ingots at INR 198,000/t ($2,600/t) respectively d-o-d.

Market sources shared that prices rose slightly at the beginning of the financial year and the uptrend continued till the past week but currently prices are rangebound amid tight liquidity as the payment cycles are getting marginally delayed, especially in the northern region.

The factor which could have contributed to stable prices was declining inventory at MCX which was down 17% w-o-w and daily stock levels inched down 0.62%. Yesterday's MCX lead prices were at INR 185,150/t and stocks were recorded at 3,068 t on 12 April.

The London Metal Exchange (LME) cash settlement price was recorded at $2,450/t, an increase of 2.5% w-o-w. The three-month contract price settled at $2,433/t, with a minimal increase of 0.82% weekly. Registered LME warehouse stock levels were at 39,825 t on 13 April.

Trader sources said that near-term prices are likely to remain rangebound amid smooth supply from the secondary and primary manufacturers.