Imported Refined Lead Arrivals Increase, Smelters Add New Maintenance Plans in April, Lead Prices Are Expected to Maintain a Fluctuating Trend in the Short Term [Brief Commentary on Lead Futures]

Published: Mar 31, 2026 17:27

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SMM News, March 31:

During the day session, the most-traded SHFE lead 2605 contract opened at 16,525 yuan/mt. From early trading to mid-session, lead prices consolidated narrowly within the range of 16,485-16,525 yuan/mt, then dropped back slightly toward the close, and finally settled at 16,500 yuan/mt, posting a small bearish candlestick, up 5 yuan/mt, or 0.03. At present, production at primary lead and secondary lead enterprises is gradually recovering, and China’s lead ingot supply is trending looser. Coupled with the continued increase in imported refined lead arrivals, this has exerted some pressure on lead prices. Meanwhile, lead-acid battery consumption is about to enter the traditional off-season, and demand-side expectations are relatively weak. However, with April approaching, some medium and large secondary lead enterprises plan maintenance, which, if carried out as scheduled, will provide support for lead prices. Overall, lead prices are still likely to mainly move in a range-bound consolidation pattern in the short term.

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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