In the spot market this week (August 25-29, 2025), the SMM #1 lead price initially strengthened due to macro sentiment and expected supply reductions, but faced downward pressure approaching the weekend. Spot market smelter inventories saw minor accumulation. In Henan, suppliers maintained quotes at discounts of 50-0 yuan/mt against SMM #1 lead, with some offering discounts of 90-120 yuan/mt against the SHFE lead 2509 contract. In Hunan, branded lead smelters achieved rigid-demand transactions at discounts of 30-0 yuan/mt against SMM #1 lead, while some non-branded smelters or suppliers sustained discounts of 30-50 yuan/mt. For secondary refined lead, intensified losses prompted maintenance and production cuts at some plants. Suppliers refused to budge on prices, with spot orders shifting toward primary lead markets, resulting in thin secondary refined lead transactions.
