In the spot market this week (January 5, 2026 - January 9, 2026), lead prices held up well at the beginning of the week amid a broad rally in precious metals and other non-ferrous metals. However, as fund enthusiasm waned towards the weekend, lead prices came under pressure and pulled back again. After the New Year's Day holiday, suppliers in Henan and Hunan maintained slight premium quotes for SMM #1 lead. Approaching the weekend, as circulating supplies increased in the market, smelters adjusted their spot premiums to discounts of 30-0 yuan/mt against SMM #1 lead. Following the holiday, battery enterprises generally had poor expectations for January orders. After finished product inventories accumulated at individual manufacturers, the enthusiasm for raw material stocking significantly decreased. Downstream wait-and-see sentiment was strong, and overall spot order transactions in the spot market remained subdued.
