In the spot market this week (December 15-19, 2025), lead prices fell continuously at the beginning of the week and briefly stopped falling and stabilized near the weekend, with some suppliers raising premium quotations and holding back sales while waiting. In Henan, suppliers quoted #1 lead at premiums of 0-50 yuan/mt against the SMM #1 lead price, and some suppliers narrowed their discounts against the SHFE lead 2601 contract to 50-30 yuan/mt. In Hunan, smelter inventories remained low, and multiple smelters raised premiums to 50-80 yuan/mt against the SMM #1 lead price to hold prices firm and limit sales. For secondary refined lead, the sharp drop in lead prices dampened suppliers' enthusiasm for offering. Near the weekend, mainstream tax-included secondary refined lead quotations narrowed discounts against the SMM #1 lead to near parity, with individual suppliers achieving small transactions at premiums of 50 yuan/mt against the SMM #1 lead. Downstream enterprises mainly picked up goods under long-term contracts, with some buying the dip for stockpiling, but spot order transactions in the spot market were generally light due to factors such as suppliers' bullish sentiment and reluctance to sell.
