Spot market, this week (November 10-14, 2025), approaching the delivery date, SHFE lead held up well, and suppliers were enthusiastic about shipping to delivery warehouses. In Henan, suppliers maintained a premium of 50-100 yuan/mt for SMM #1 lead or a discount of 150 yuan/mt against the SHFE lead 2512 contract. Approaching the weekend, some suppliers held prices firm and were reluctant to sell. In Hunan, smelters maintained a premium of 30-50 yuan/mt for SMM #1 lead. Downstream purchasing enthusiasm was weak, and market transactions were mainly traders purchasing for delivery to warehouses. For secondary refined lead, spot orders were mainly quoted at a discount of 50 yuan/mt against the SMM #1 lead average price. After lead prices strengthened, downstream battery companies actively negotiated prices, and individual secondary refined lead transactions saw discounts slightly widen to 50-75 yuan/mt with limited volume.
