In the spot market, the SMM #1 lead price first declined and then rose this week (from July 21, 2025 to July 25, 2025). Downstream consumption still mainly involved picking up goods from smelter sources, and domestic social inventory continued to increase slightly. Spot supply in the Henan region was relatively tight, and the situation of queuing to pick up goods eased slightly near month-end. Suppliers quoted a small premium of 0-25 yuan/mt against SMM #1 lead or a discount of 100 yuan/mt against the SHFE lead 2509 contract. In the Hunan region, after the inventory of lead smelters declined, they turned to quoting a premium of 50-100 yuan/mt against the SMM #1 lead average price mid-week, with downstream rigid demand transactions. Regarding secondary refined lead, as the weekend approached, enterprises' willingness to sell improved. The ex-factory prices of mainstream tax-included secondary refined lead sources in regions such as Jiangsu, Henan, and Sichuan were quoted at a premium of 50 yuan/mt against the SMM #1 lead average price. However, the volume of spot orders in circulation was limited, and overall actual transactions remained sluggish.
