Lead Prices Consolidate at Highs; Spot Market Transactions Diverge by Region [SMM Refined Lead Spot Market Weekly Review]

This week (August 31-September 4, 2026), the SMM #1 lead weekly average price was 16,055 yuan/mt, up 85 yuan/mt WoW, with the price center edging higher and continuing to consolidate at highs. Against this backdrop, downstream enterprises showed divergent purchasing strategies: some purchased as needed at lows, while others mainly relied on long-term contract cargo pick-up, with overall cautious spot order purchasing. In terms of transactions, regional differences in the primary lead market widened further, with transactions in south China outperforming north China; mainstream production areas quoted primary lead ex-works at premiums of 0-50 yuan/mt against the SMM #1 lead average price. For secondary lead, smelters continued to resume production, increasing market supply, and the discount of secondary refined lead against primary lead widened, with mainstream production areas expanding discounts to 100-200 yuan/mt. On the import side, imported lead circulation declined: on one hand, the import profit margin window narrowed, limiting imported supply replenishment; on the other hand, imported lead (Pb99.97%) had limitations in quality and downstream applicability, resulting in insufficient downstream acceptance willingness.