The Davis Index for US lead scrap trended mostly flat on Wednesday, with most grades trading within a narrow range from last week.
The weekly Davis Index for US whole undrained batteries rose on Wednesday to 32.8¢/lb delivered US consumer from 32¢/lb delivered on April 1.
Orders for batteries have slowed down on seasonality this month, while supply is tight because many scrap yards have either closed or are operating with reduced hours.
The index for heavy soft lead remained unchanged at 61¢/lb delivered US consumer, but increased by 3¢/lb for hard lead to 61¢/lb. However, the index for lead ingot premium, which was flat at around 9.5¢/lb above LME lead contract until last week, declined slightly to 9.4¢/lb above LME on Wednesday.
Suppliers, many of whom are operating with reduced hours, are hopeful about strengthening demand as some customers try getting an early start on purchasing material in anticipation of extended automotive factory shutdowns concluding by mid- to end-April.
The official three-month LME lead contract closed on Wednesday at $1,713/mt, up by $11/mt from $1,702/mt on April 1.