Lead price decline stimulates downstream purchasing; primary lead shifts to premium trading [SMM Refined Lead Spot Market Weekly Review]

This week (September 14-18, 2026), the SMM #1 lead weekly average price stood at 15,880 yuan/mt, down 135 yuan/mt WoW. In the first half of the week, SHFE lead continued to consolidate on a subdued note, while in the spot market, downstream enterprises engaged in concentrated procurement, prompting suppliers to hold prices firm when selling. Ex-works cargoes self-picked up from primary lead smelters were quoted at a premium of 100-200 yuan/mt against the SMM #1 lead average price, up from a premium of 0-50 yuan/mt last week. Even as lead prices climbed back above the 16,000 yuan/mt mark in the second half of the week, spot prices maintained high premiums. Meanwhile, spot prices against futures gradually narrowed their discounts, with mainstream production-area quotes tightening to a discount of 50-0 yuan/mt against the SHFE lead 2610 contract, from a discount of 150-100 yuan/mt last week. In the secondary lead market, as lead prices fell, secondary lead enterprises became less willing to sell, with some temporarily suspending shipments, resulting in an inverted price structure between secondary lead and primary lead. It was not until the second half of the week, when lead prices stopped falling and rebounded, that secondary refined lead quotes widened their discounts again. With regional supply still tight, quotes were reported at a discount of 100 yuan/mt to a premium of 50 yuan/mt against the SMM #1 lead average price.