Spot market, lead prices remained in the doldrums this week (November 24-28, 2025). Affected by maintenance at primary lead and secondary refined lead plants, suppliers in some regions held prices firm and were reluctant to sell. In Henan, suppliers lowered their offers for SMM #1 lead to near parity, or at a discount of 10-30 yuan/mt against the SHFE lead 2501 contract. In Hunan, smelter inventories stayed low, and suppliers generally held prices firm with a premium of 50-80 yuan/mt against SMM #1 lead, while some traders reported that spot orders for cargoes self-picked up from production sites in Hunan traded on a rigid demand basis at a premium of 30-50 yuan/mt against SMM #1 lead. The regional disparity in primary lead supply and premiums/discounts widened. For secondary refined lead, due to shrinking margins, suppliers narrowed their discounts, with some spot orders quoted at a premium of 0-50 yuan/mt against SMM #1 lead. Downstream procurement leaned towards primary lead supply, and trading in secondary refined lead remained relatively sluggish.
