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Supply and demand in the lead market both declined by the month-end of March, and lead prices weakened with a pullback on Friday. [SMM Weekly Review of the Refined Lead Spot Market]
Mar 28, 2025, at 11:10 am
SMM Lead Weekly Review: Both Supply and Demand in the Lead Market Declined at March Month-End, Lead Prices Adjusted Downward on Friday. In the spot market, the SMM 1# lead price continued to consolidate at high levels this week (March 24, 2025 - March 28, 2025), and it adjusted downward on Friday, recording 17,250 yuan/mt.
In the spot market this week (March 24-28, 2025), the SMM 1# lead price continued to consolidate at high levels, but weakened on Friday, recording 17,250 yuan/mt. Smelters in Henan mainly focused on shipments under long-term contracts, with suppliers offering discounts of 150-170 yuan/mt against the SHFE lead 2504 contract or premiums of 50-75 yuan/mt against the SMM 1# lead. In Hunan, suppliers offered premiums of 50-75 yuan/mt against the SMM 1# lead, while in Yunnan, the discount for primary lead narrowed to 150-160 yuan/mt. In Jiangsu, Zhejiang, and Shanghai, warrants were offered at premiums of 0-30 yuan/mt against the 2504 contract. During the week, SHFE lead continued to fluctuate upward, but market sentiment remained sluggish, with downstream demand weak amid the traditional off-season. Lead-acid battery companies did not significantly destock, and spot premiums in various regions saw slight declines towards the weekend. Additionally, in the secondary refined lead market, regional differences were notable. Mid-week, downstream battery producers were cautious about high prices, leading to expanded discounts in some areas, with mainstream sources offering discounts of 75-0 yuan/mt ex-factory against the SMM 1# lead average price. Click to view the SMM metal industry chain database.
