[Ex-China Lead Market Dynamics] It was learned that the recent environmental protection inspections on secondary lead in the Vietnamese market had temporarily come to an end, and some lead smelters had gradually resumed production. However, in the face of the current primary lead supply gap, spot lead in the local market continued to maintain high premiums. According to the latest information, the CIF premium for Vietnamese lead ingots with Pb≥99.99% in June had reached $180/mt as a common transaction price, compared to around $165/mt in May.

[Ex-China Lead Market Dynamics] It was learned that lead smelters in Malaysia reported insufficient supply of used lead-acid batteries in the local market, which constrained lead smelting capacity utilization rates. Currently, the operating rate of factory production lines was only 50-60%, with monthly production of over 2,000 mt. Moreover, due to tight supply of high-grade lead ingots (lead content ≥99.99%) in the Southeast Asian market, refined lead output had been in a state of undersupply over the past two months.

Highlights of LME Future price: Market trading at $1,961/t, up $13.50 (+0.69%) on the day. Prices opened at $1,950.5/t and moved higher, briefly touching high of $1,965.5/t before stabilizing. The upward momentum suggests short-term buying interest, although gains remain relatively moderate. Highlights of China lead market: In the remelted lead market, tight supply persisted as recyclers were reluctant to sell at lower price levels, leading to reduced spot trading activity. On the demand side, downstream buyers mainly procured on demand-basis, while others remained on the sidelines awaiting the commencement of new monthly contracts. Overall, spot trading remained subdued, balancing firm supply-side pricing with slightly weaker downstream demand.

Highlights of LME Future price: LME lead traded weaker during the Asian session, with 3M contract slipping to $1954/t, down $9.5 (-0.48%). The market opened at $1964.5/t and briefly tested a high of $1968/t before selling pressure, pushing down to $1945/t. Overall sentiment remained soft. Trading activity was relatively moderate; the market attempted a rebound from the day’s lows. Highlights of China lead market: Chinese smelters, particularly secondary producers, running below full capacity. Spot refined lead trading at discounts of 50–0 yuan/ton to SMM 1# lead average price. Activity remains focused on long-term contracts, with limited spot liquidity. Following the decline in lead prices, the willingness of some inventory holders to sell has also been very weak as of 23 April.

SMM, April 22: The most-traded SHFE lead 2606 contract opened at 16,735 yuan/mt during the session. SHFE lead prices dipped slightly at the beginning of the session, touching a low of 16,675 yuan/mt, before rebounding. From mid-session to the close, prices moved sideways within the range of 16,690-16,755 yuan/mt, ultimately settling at 16,730 yuan/mt, recording a bearish candlestick with a decline of 155 yuan/mt, or 0.92%. Recently, LME lead inventory continued destocking and spot premiums in Southeast Asia remained elevated, with the ex-China lead market fundamentals stronger than those in China. Meanwhile, the refined lead import window was close to shutting, tightening domestic lead ingot supply somewhat. However, downstream consumption was in the traditional off-season, and spot trading was sluggish. Under the pattern of weakness in both supply and demand, lead prices are expected to maintain a fluctuating trend. Data source disclaimer: Data other than publicly available information is derived by SMM based on publicly available information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

[Developments in the Outside-China Lead Market] According to Notice No. 26,094-96 issued by the LME, the suspension of trading in the UMICORE 99.99, 99.985, and 99.97 lead brands produced by Umicore has been lifted, and these brands will continue to be used for warrant transactions on the London Metal Exchange (LME). It was reported that, according to Notice No. 26 005-007 issued by the LME on January 2, 2026, effective April 2, 2026, the three lead ingot brands produced by Umicore will no longer be accepted for warranting by the London Metal Exchange (LME).