In the spot market this week (November 17-21, 2025), macro disturbances such as changes in expectations for US Fed interest rate cuts, coupled with the gradual end of the peak consumption season in the spot market, led to SHFE lead trading in the doldrums. The availability of spot cargoes increased, and suppliers slightly lowered their premiums. In Henan, suppliers lowered their premiums for SMM #1 lead to 0-50 yuan/mt, or offered discounts of 120-130 yuan/mt against the SHFE lead 2512 contract. Suppliers of non-brand lead offered slight discounts against the SMM #1 lead price. In Hunan, smelter inventory was low, and transactions were mainly concluded at premiums of 30-50 yuan/mt against SMM #1 lead for rigid demand. The supply of primary lead and the quoted premiums/discounts varied significantly across regions. For secondary refined lead, the mainstream spot order discount price remained at a discount of 50 yuan/mt against the SMM #1 lead average price. Some suppliers held back cargoes, and trading was relatively light.
