Spot market: SMM #1 lead ingot prices remained stable from the beginning of the week through mid-week, then declined toward the weekend. Ahead of the Labour Day holiday, downstream stocking willingness was subdued, with only sporadic rigid-demand purchases. Wait-and-see sentiment was strong, and overall spot order trading was sluggish. By region, Henan was dominated by long-term contract deliveries, with traders offering discounts of 200-130 yuan/mt against the SHFE lead 2606 contract, and transactions at high prices were lackluster. In Hunan, spot order premiums narrowed from 0-30 yuan/mt to 0-20 yuan/mt, with some traders making shipments at slight discounts. Jiangxi quotes remained firm, with premiums pulling back from 150 yuan/mt to 120 yuan/mt. In Guangdong, ex-factory premiums continued to decline throughout the week, narrowing from 70-80 yuan/mt to 30-50 yuan/mt. Overall, lead prices were stable early in the week before weakening. Smelters' sentiment to hold prices firm gradually softened with some price concessions, but downstream rigid demand weakened ahead of the holiday, the tug-of-war between sellers and buyers intensified, and spot cargo transactions were mediocre overall.

[SMM Analysis: How is the Expected Production of Primary Lead in June Affected by Tightened Raw Material Supply and Overhauls?] SMM May 30 Report: In May 2025, the national production of primary lead showed a slight upward trend, increasing by 2.39 percentage points MoM and 14.66 percentage points YoY. The cumulative production of primary lead from January to May 2025 increased by 8.41 percentage points YoY.

SMM reported on March 7: This week, there has been no significant change in end-use consumption in the lead-acid battery market, with dealers maintaining a just-in-time procurement state. However, the trading sentiment in the battery wholesale market has shifted. For instance, the e-bike and automotive battery markets, approaching the traditional off-season, are seeing strong expectations of promotional activities in the battery wholesale market, with some companies already notifying dealers of plans to lower prices for promotions. Recently, SHFE lead broke away from a prolonged period of range-bound fluctuations, driving spot lead prices higher. Rising raw material costs have shifted the market sentiment in the lead-acid battery sector. For example, the e-bike battery wholesale market has started to project a price hike atmosphere, while dealers mostly adopt a wait-and-see attitude. The selling price in the battery market has yet to show any actual changes.

Last week (August 12-16), the most-traded SHFE lead 2409 contract weakened mid-week.

[SMM Analysis: Spot Lead Prices Fluctuate Weakly, with Inventory Accumulation in Primary Lead Smelters in Some Regions?] Last week (August 12-16), the main 2409 contract of Shanghai Lead weakened midweek, with strong wait-and-see sentiments in the spot market. The downstream market generally saw slight declines, and cautious purchasing led to overall subdued trading. Social inventories increased slightly, and at the same time, non-branded lead and secondary refined lead smelters in some regions also faced pressure from inventory accumulation. Some manufacturers expanded their discounts and sold off, resulting in significant regional differences...

Since June, tensions in domestic lead raw material supply have intensified, causing reductions in ingot production.

SHANGHAI, Jul 24 (SMM) – This week will witness FOMC meeting in July. During last week, more unemployed people in the US raised possibility of interest rate hikes.

Shanghai nonferrous metals closed with losses in day trading.

SHANGHAI, Apr 10 (SMM) – Spot lead prices are expected to trade between 15,050-15,300 yuan/mt this week.

In the spot market, SMM #1 lead prices fluctuated between 15,125-15,275 yuan/mt last week. Quotations for small orders in the market were generally firm. Smelters in Henan narrowed their discounts against SMM #1 lead to 50-0 yuan/mt, and smelters in Hunan raised their quotations from a discount of 50 yuan/mt at the beginning of the week to zero or to a small premium against SMM #1 lead.