[SMM Lead Morning Meeting Minutes: Secondary Lead Inverted by 100 Yuan from Primary Lead, Sign of Lead Price Stop Falling?] Recently, lead prices fell continuously, losses for secondary lead enterprises widened, and shipments decreased significantly. In contrast, in the primary lead sector, lead smelters and suppliers were generally selling actively...

[SMM Lead Morning Brief: Lead Prices Will Be in the Doldrums Amid Bearish Macro Sentiment] Recently, multiple macro events have dominated the trading direction of base metals. Expectations for US Fed interest rate hikes strengthened, and the US dollar index hit a new high; progress in Middle East peace talks and a plunge in crude oil prices, to some extent, signal that metals......

[Lead Smelter Updates] It is learned that a medium-sized primary lead smelter in north-east China is about to complete its routine maintenance and plans to restart and resume production tomorrow (June 25). Lead ingot output is expected in early July, and after the plant resumes operations, daily production is expected to be around 200 mt.

[Lead Smelter Updates] It is learned that a medium-sized primary lead smelter in North China plans to conduct equipment maintenance for half a month starting from June 26. The maintenance is expected to end on July 10, affecting daily lead ingot production by about 200 mt.

[SMM Lead Morning Meeting Minutes: Different Risk Factors in and Outside China; Beware of Import Expectations amid Lead Prices with Overseas Market Underperforming Domestic Market] Recently, the U.S.-Iran peace talks have seen new progress, and Middle East shipping restrictions are about to be lifted. The nonferrous metal supply chain will be restored. Under expectations of recovery in shipping and energy supply, nonferrous metals generally weakened. However, in the lead market, domestic lead smelters are undergoing both maintenance and resumptions...

[SMM Lead Morning Meeting Summary: Macro and Fundamental Bullish and Bearish Factors Coexist, Lead Prices Expected to Consolidate] On Monday, the first round of high-level talks between the US and Iran concluded, and a joint statement released by Qatar and Pakistan showed that all parties reached a roadmap. After the Dragon Boat Festival holiday, lead ingot social inventory accumulated as expected, putting lead prices under pressure. Currently, in the mid-year period, upstream and downstream enterprises are facing...

[SMM Lead Morning Meeting Minutes: Fundamentals Moderate While Macro Conditions Complex, Short-term Lead Prices to Retrace Some Gains] Recently, the macroeconomic situation outside China has been complex, market risk-averse sentiment has been relatively strong, and maintenance at China's primary lead and secondary lead enterprises has increased...

This week (June 12, 2026 – June 18, 2026), the average operating rate of primary lead smelters across three provinces was 65.19%, down 1.01 percentage points WoW. This week, production at smelters in Henan and Yunnan remained stable, with overall operating rates basically flat WoW. A medium-sized smelter in Hunan began equipment maintenance early in the week, with production expected to resume after maintenance concludes in mid-July, leading to a slight pullback in the regional operating rate. In other regions, a smelter in Jiangxi slightly ramped up production this week following the completion of maintenance, driving the operating rate in east China higher.

It is learned that as of June 18, the in-factory inventory of major primary lead delivery brands stood at 7,100 mt, down 4,000 mt WoW. This week, maintenance activities increased at both primary and secondary lead smelters, tightening the supply of lead ingots. Moreover, as most primary lead enterprises had pre-sold the majority of this week's lead ingot output last week, primary lead smelters maintained low inventories. During the Dragon Boat Festival, many downstream enterprises planned to take holidays, leading to a lack of lead consumption. After the holiday, primary lead smelters may face inventory buildup risks.

In the spot market this week (6.15-6.18), SMM #1 lead prices first rose then fell, continuing to climb during the week before a slight correction ahead of the holiday. With mid-year settlement and the approaching Dragon Boat Festival, downstream stocking willingness was sluggish, purchases at high prices were cautious, and spot order trading was sluggish. By region, smelters in Henan had low inventory and tight spot order supply, while traders’ supply was stably at discounts of 100-150 yuan/mt against the SHFE lead 2607 contract, with sluggish trading; smelters in Hunan quoted premiums of 0-20 yuan on the 15th, turned to discounts of 30-0 yuan on the 17th and 18th, with some cargoes negotiated to a discount of 50 yuan; smelters in Jiangxi and Anhui were unwilling to make significant concessions throughout, only slightly lowering their quotes, with premiums narrowing from 100-150 yuan to 80-100 yuan. Overall, downstream mostly relied on long-term contract purchases, and spot transactions were generally weak this week.