Lead Spot Market Sees Weak Supply and Demand, Spot Premiums Gradually Lowered [SMM Refined Lead Spot Market Weekly Review]

In the spot market, this week (March 30 - April 3, 2026), as delivery approached, downstream consumption remained sluggish and wait-and-see sentiment was strong. Multiple smelters lowered their spot premium quotes, and suppliers continued to transfer inventory and ship to delivery warehouses. This week, mainstream transaction prices of primary lead in Henan maintained parity or slight discounts against SMM #1 lead, with some suppliers quoting discounts of 200-180 yuan/mt against the SHFE lead 2605 contract, while a few suppliers held prices firm and held back from selling. Toward the weekend, smelters in Hunan gradually shifted to discount quotes, and smelters in Guangdong slightly lowered their SMM #1 lead premiums to 0-50 yuan/mt, with transactions driven by rigid demand.