[SMM Lead Weekly Review: Refined Lead Supply Tight in South China Market, Downstream Cautious with Light Trading After New Year's Day] In the spot market, this week SMM 1# lead prices ranged between 16,700-16,800 yuan/mt. In the spot market, as the year-end approaches, both upstream and downstream of the industry chain have suspended trading for year-end closing and inventory checks. Coupled with the ongoing maintenance at primary lead smelters and localized tight supply of secondary refined lead, supply and demand in the lead market both declined.