[SMM Analysis] Why Has LME Lead Shifted Back to Backwardation for the First Time in Nearly a Year? SMM, April 21 — Since late March, London lead prices have stabilized after bottoming out, gradually holding above the $1,900/mt level and entering an upward trend, attempting to approach the $2,000/mt mark.

[SMM Analysis] New National Standard for Secondary Lead and Inclusion in Delivery on the Agenda, Market to Shift to "Primary + Secondary Dual-Track Pricing" SMM February 27: Starting March 1, 2026, the "Secondary Lead Ingot GB/T 21181-2025" (hereinafter referred to as the "new national standard") will replace the "Secondary Lead and Lead Alloy Ingot GB/T 21181-2017" (hereinafter referred to as the "old national standard") and officially come into effect.

[SHFE: Proposed Introduction of Secondary Lead as an Alternative Delivery Brand for Lead Futures] It was reported that the Shanghai Futures Exchange issued a notice today soliciting public comments on the revision of the "Shanghai Futures Exchange Lead Futures Contract" and the "Shanghai Futures Exchange Lead Futures Business Rules." The notice stated that the Shanghai Futures Exchange plans to revise the "Shanghai Futures Exchange Lead Futures Contract" and the "Shanghai Futures Exchange Lead Futures Business Rules" and is now seeking public input, with the deadline for feedback set for February 6, 2026. The main points of the revision proposal are as follows: In recent years, as secondary lead has gradually become a major product in the global lead market, to support the green and low-carbon transformation of the non-ferrous metals industry and the development of a circular economy, enhance the functionality of lead futures, and optimize deliverable resources, the Shanghai Futures Exchange, based on the national recommended standard for secondary lead ingots GB/T 21181-2025 jointly issued by the State Administration for Market Regulation and the Standardization Administration of China, conducted in-depth surveys and extensive communication with industry enterprises and proposes to introduce secondary lead as an alternative delivery brand.