According to China Customs data, China’s cumulative refined lead imports reached 33,412 mt in January-February 2026, surging 732.08% YoY. Of this, imports in February alone were 21,072 mt, up 70.77% MoM and soaring 1,169.62% YoY, hitting a new high for the same period in recent years.

Import side, cumulative refined lead imports in January-February reached 33,412 mt, surging 732.08% YoY. Of this, February imports alone were 21,072 mt, up 70.77% MoM and 1,169.62% YoY, hitting a new high for the same period in recent years; raw material supply remained ample.

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

[SMM Lead Morning Meeting Summary: Bullish and Bearish Factors Coexist, Lead Prices Are Expected to Continue Fluctuating Rangebound] Iran said the Strait of Hormuz had been closed and that three container ships had been turned back. Recently, lead ingot inventory in China has been destocked, including inventory at smelters and in social warehouses, and lead prices have shown signs of stabilizing after the decline...

SMM News, March 27: This week, the tax-inclusive ex-factory price of secondary lead was at parity against the SMM #1 lead average price, with slight premiums of 25-50 yuan/mt in some areas. Market wait-and-see sentiment was strong, downstream purchasing was weak, and smelters offered few quotations while generally holding prices firm and being reluctant to sell, resulting in sluggish trading. As of March 27, the theoretical comprehensive profit/loss for large-scale enterprises stood at -229 yuan/mt, and that for small and medium-sized enterprises was -429 yuan/mt (excluding revenue from high-value by-products such as tin and antimony). The rigid inversion caused by high raw material costs and low lead prices was the main reason for the industry's continued losses. After the Qingming Festival next week, more smelters are expected to resume production, and expectations for increased spot supply of secondary lead are strong. However, downstream purchases for rigid demand are limited, making it difficult for spot prices to rise significantly, and smelters' profit margins will remain constrained. At present, supplies of primary lead and imported lead are ample, and spot order premiums for secondary refined lead are expected to maintain sideways movement, with insufficient momentum for substantial premiums. » Subscribe to View Historical SMM Metal Spot Prices

In the spot market, this week (March 22, 2026-March 26, 2026), downstream battery enterprises gradually purchased and stockpiled to maintain normal operating rates. This week, mainstream transaction prices for primary lead in Henan were quoted at slight premiums to the SMM #1 lead average price, while supply in Hunan and Guangdong was relatively tight, with smelters and suppliers quoting premiums of 30-50 yuan/mt over SMM #1 lead, and transactions were concluded on rigid demand. This week, as secondary refined lead prices remained firm and the market sentiment of holding back sales and wait-and-see did not ease, downstream rigid-demand procurement was taken over by primary lead, and spot inquiries and transactions in the primary lead market were relatively active this week.