In the spot market this week (January 26, 2026 - January 30, 2026),
The lead spot market performed generally sluggish this week, as downstream stocking demand before the Chinese New Year holiday fell short of the same period in previous years. Lead smelter inventories accumulated in some regions this week, and spot discounts narrowed slightly towards the weekend due to factors such as expected supply reductions in Hunan. Suppliers in Henan offered discounts of 270-250 yuan/mt against the SHFE lead 2603 contract. At the beginning of the week, smelters in Hunan offered discounts of 30-40 yuan/mt against the SMM #1 lead average price. By the weekend, some suppliers shifted to offering near parity and held back sales, while the accumulation of smelter inventories in Hunan slowed down as expected. Downstream consumption in the refined lead market was generally sluggish overall, with downstream enterprises mainly making just-in-time procurement. Only a few downstream enterprises bought the dip after lead prices weakened. Market transactions are expected to remain sluggish before the Chinese New Year holiday.
