Tight spot supply of Iranian lead ingots have pushed up premiums for major importing countries such as India and some Southeast Asian markets, prompting buyers to search for alternative brands and lead bullions.
Premiums for secondary lead on a cif basis for India rose by $10 to $50-$60 per tonne from a week ago, with offers of Iranian units reported at the top end of the range. That is the highest in the past nine months. Iran, the key lead supplier to India, is in the midst of a currency crisis, having lost 14.4% in its value against the US dollar so far this year, making Iranian lead exports no longer profitable. "There are not many spot Iranian units around and domestic lead output in India has also slowed down due to lower productivity amidst...