Suppliers Expanded Discounts to Dump Goods at Month-End, Spot Market Transactions Sluggish [SMM Refined Lead Spot Market Weekly Review]

In the spot market, SMM #1 lead prices showed a weakening trend on the end-user side this week (July 13-17, 2026), with the weekly average price falling 30 yuan/mt WoW and the overall price center shifting lower. As the week approached month-end, on the one hand, downstream lead-acid battery enterprises cut production due to poor orders, further weakening month-end procurement demand; on the other hand, supply in the primary lead and secondary lead markets increased somewhat, and spot market discounts continued to widen. Especially in the primary lead segment, suppliers actively widened discounts to sell and clear inventory at month-end. In north China, spot discounts widened further, from parity with the SMM #1 lead average price ex-factory at the start of the week to a discount of 50 yuan/mt ex-factory; traders’ quotations widened from discounts of 140-100 yuan/mt against the SHFE lead 2608 contract to discounts of 220-160 yuan/mt ex-factory. For secondary lead, at the start of the week smelters still held back from selling at low prices, with secondary refined lead quoted around parity with the SMM #1 lead average price ex-factory, later gradually shifting to discounts of 100-50 yuan/mt ex-factory.