In the spot market, during this week (March 2, 2026–March 6, 2026), post-holiday social inventory of primary lead continued a slight upward trend. Downstream buyers still mainly picked up goods under long-term contracts and worked down pre-holiday inventory, and overall spot transactions remained sluggish. This week, refined lead supply in Henan increased steadily, with suppliers concluding deals at a discount of 230 yuan/mt against the SHFE lead 2604 contract or at a discount of 50–0 yuan/mt against the SMM #1 lead average price. In Hunan, smelter supply had not yet fully recovered, suppliers’ offers were relatively firm, and spot transactions were at a slight premium of 0–30 yuan/mt against the SMM #1 lead average price.
![Complex Macro Environment; Lead Prices Are Expected to Remain in the Doldrums [SMM Lead Market Weekly Forecast]](https://imgqn.smm.cn/usercenter/TmYox20251217171721.jpeg)
![Post-Holiday Supply and Demand Both Increased, Primary Lead Enterprise Plant Inventory Turned to a Decline [SMM Primary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/ojSqv20251217171720.jpeg)
