SMM May 29 News:
Lead prices rose first and then fell this week. The average tax-exclusive transaction price of secondary crude lead was around 15,300 yuan/mt. Tight raw material supply held quotes firm, and traders held back from selling. Currently, the tax-exclusive price of secondary crude lead was about 100 yuan/mt higher than that of secondary refined lead, forming a notable price inversion. Heading into next week, east China smelters will resume production, and the discount pattern for secondary refined lead will be hard to change. Meanwhile, secondary crude lead prices will remain firm, underpinned by high raw material costs, and the price spread inversion will persist. As rigid demand in the lead-acid battery off-season remains insufficient, lead ingot inventory faces buildup pressure, and the market will struggle to rise. Secondary crude lead prices are expected to mainly move sideways.
![Complex Situation Outside China, LME Lead Pulled Back After Hitting Highs [SMM Lead Morning Brief]](https://imgqn.smm.cn/usercenter/TmYox20251217171721.jpeg)
![Divergent Fundamentals in and outside China, Lead Prices Expected to Lack Upward Momentum [SMM Lead Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/ojSqv20251217171720.jpeg)
