Overview:Currently, the secondary refined lead market showed clear divergence between bullish and bearish views. Upstream smelters held prices firm, with some supply intended to be quoted at a premium of 150 yuan/mt delivered against the SMM #1 lead average price, unwilling to lower prices for sales. Downstream buyers generally expected prices to decline, recommending the SMM average price be reduced to 15,350 yuan/mt, and stayed on the sidelines while delaying purchases. At present, the price spread between secondary refined lead and primary lead narrowed, making primary lead more cost-effective, and purchasing willingness on the buying side was weak. The intended quotation range for spot orders swung wildly, making it difficult for upstream and downstream expectations to align, resulting in limited actual transactions. Today, the SMM secondary refined lead average price was reported at 15,350 yuan/mt, representing a premium of -50 yuan/mt against the SMM #1 lead average price.