Lead Prices Rose Then Fell, Spot Market Trading Was Subdued [SMM Refined Lead Spot Market Weekly Review]

In the spot market, this week (May 4-8, 2026), lead prices first rose then declined, pulling back consecutively. Downstream overall purchasing remained cautious, with only small volumes of rigid-demand restocking. Purchase willingness at high prices was weak, and spot order trading was overall mediocre.

Regionally, Henan smelters shipped along with the market, mainly through long-term contracts. Traders offered at a discount of 130-190 yuan/mt against the most-traded SHFE lead contract, and transactions of high-priced cargoes were under pressure. The Hunan market was dominated by rigid-demand shipments, with spot cargoes mostly at parity to a slight discount against the SMM #1 lead ingot average price. Jiangxi and Guangdong smelters maintained firm quotes, holding a slight premium over the SMM #1 lead ingot average price for ex-factory sales. Overall, on the spot side, smelters still maintained willingness to hold prices firm, while downstream wait-and-see sentiment was strong, with on-demand small-lot purchasing as the main mode, and overall market transactions remained weak and sluggish.