This week (April 24–30, 2026), the average operating rate of primary lead smelters in the three provinces was 64.62%, up 0.19 percentage points WoW. This week, some smelters in the Yunnan region resumed production after maintenance, leading to a slight increase in lead smelting output. Smelters in Hunan and Henan maintained stable production, with overall operating rates flat WoW. A small-to-medium-sized smelter in Anhui saw some relief from raw material shortages, with its operating rate slightly boosted this week. A small smelter in Jiangxi experienced a decline in operating rate this week due to equipment failure and maintenance. Other major producing regions in China maintained overall stable smelting production.

Spot market: SMM #1 lead ingot prices remained stable from the beginning of the week through mid-week, then declined toward the weekend. Ahead of the Labour Day holiday, downstream stocking willingness was subdued, with only sporadic rigid-demand purchases. Wait-and-see sentiment was strong, and overall spot order trading was sluggish. By region, Henan was dominated by long-term contract deliveries, with traders offering discounts of 200-130 yuan/mt against the SHFE lead 2606 contract, and transactions at high prices were lackluster. In Hunan, spot order premiums narrowed from 0-30 yuan/mt to 0-20 yuan/mt, with some traders making shipments at slight discounts. Jiangxi quotes remained firm, with premiums pulling back from 150 yuan/mt to 120 yuan/mt. In Guangdong, ex-factory premiums continued to decline throughout the week, narrowing from 70-80 yuan/mt to 30-50 yuan/mt. Overall, lead prices were stable early in the week before weakening. Smelters' sentiment to hold prices firm gradually softened with some price concessions, but downstream rigid demand weakened ahead of the holiday, the tug-of-war between sellers and buyers intensified, and spot cargo transactions were mediocre overall.

SMM April 30: SHFE lead fluctuated this week, with prices pulling back slightly near the weekend. On the raw material side, scrap battery procurement prices were largely stable overall, with only a few smelters in east China and north China making slight reductions early in the week. Current scrap battery retirement volumes remain at low levels, with tight supply for both recyclers and smelters. Smelter arrivals declined significantly WoW this week, with raw material inventory maintained at low levels of only 1-2 weeks. Combined with recyclers generally taking 2-6 days off for the Labour Day holiday, short-term supply circulation is expected to be further constrained. Looking ahead to next week, smelter procurement prices are expected to remain largely stable: upward adjustments are constrained by finished lead profit pressure, while downward adjustments are supported by low raw material inventory, leaving limited room for fluctuations in either direction.

SMM April 30 update: Lead prices fluctuated at highs before pulling back this week, with secondary refined lead generally trading at discounts. Early in the week, smelter maintenance increased and regional supply tightened, with quotes maintained at a discount of 80 yuan/mt to a premium of 50 yuan/mt. Downstream buyers saw weak rigid demand ahead of the holiday, and market trading was sluggish. From mid-week to the weekend, lead prices weakened. Raw material cost support narrowed quotes to a discount of 50 yuan/mt to a premium of 50 yuan/mt, as downstream enterprises gradually went on holiday and spot cargo transactions remained weak. Regional secondary lead supply contracted as smelters held prices firm on shipments. Combined with stable scrap battery procurement prices, smelting costs pulled back somewhat, and losses were slightly repaired. As of April 30, large enterprises posted losses of 109 yuan/mt, while small and medium-sized enterprises posted losses of 309 yuan/mt. Next week, scrap battery raw material inventory will remain tight, some smelters will cut production, and secondary lead supply will contract. Downstream consumption will remain weak, the weak supply-demand pattern on both sides will continue, and industry losses will be difficult to improve. Secondary refined lead is expected to maintain a discount of 50-0 yuan/mt.

Lead concentrate TCs remained generally stable this week. Some mine enterprises indicated that lead concentrate TCs had almost no room for further decline, while imported ore prices were still mainly quoted at -$150 to -$130/dmt. Affected by the recent tight supply-demand conditions of zinc concentrates and copper concentrates, some suppliers of lead concentrates rich in zinc and copper adjusted the pricing methods for copper and zinc. Although the comprehensive value of such copper- and zinc-rich lead concentrates was raised, the pricing of lead and precious metals within them remained unchanged, and the silver payable indicators for lead concentrates with various silver contents in the market remained firm.

SMM April 30 update: This week, mainstream transaction prices of domestic ordinary secondary crude lead (tax-exclusive) were 15,250-15,350 yuan/mt, with overall subdued downstream procurement. Previously contracted imported crude lead arrived at ports, supplementing the spot market. The current lead import window is closed, with very few new orders signed. Looking ahead to next week, secondary lead supply in China is expected to remain generally stable, and the inflow of ex-China sources is expected to further pull back.