Spot Lead Prices First Declined Then Rose, Smelters Held Prices Firm While Downstream Buyers Remained on the Sidelines [SMM Refined Lead Spot Market Weekly Review]

Spot market, from the beginning to mid-week this week (May 18-22, 2026), spot lead prices were in the doldrums, with the price center continuing to shift downward, while spot lead prices fluctuated higher in the latter half of the week. Downstream buyers mainly made just-in-time procurement and digested existing inventories, and overall spot trading activity was moderate.

Regional side, Henan smelters primarily fulfilled long-term contracts, with spot quotation ranges fluctuating and futures discount ranges gradually narrowing; Hunan market participants showed divergent willingness to sell, with spot orders basically running at parity with the average price and only sporadic just-in-time procurement transactions; Jiangxi and Anhui smelters quoted at premiums of +120-150 yuan/mt ex-works against the SMM #1 lead average price, with some cargoes seeing moderate transactions; Guangdong smelters previously quoted at premiums of +150-200 yuan/mt, but due to insufficient finished product inventories, their overall willingness to sell remained cautious.