This week (September 28-30, 2026), the SMM #1 lead weekly average price was 16,116 yuan/mt, down 146 yuan/mt WoW. This week, downstream enterprises largely completed pre-holiday stockpiling, while lead smelters and traders carried out final inventory clearing and pre-sold National Day cargoes. Premium transactions in the spot market decreased further, with mainstream production-area quotes lowered to a premium of 0-50 yuan/mt against the SMM #1 lead average price ex-works, and transactions in south China even concluded at a discount of 20-30 yuan/mt. In the secondary lead sector, the holiday atmosphere was stronger than in the primary lead sector, with some smelters suspending shipments. Market quotes were scarce and price spreads were wide, with secondary refined lead quoted from a discount of 100 yuan/mt to a premium of 75 yuan/mt against the SMM #1 lead average price ex-works.
![Market sentiment cautious before National Day, scrap battery prices fluctuate narrowly [SMM scrap battery weekly review]](https://imgqn.smm.cn/usercenter/msNEk20251217171722.jpg)
![Operating rate of lead-acid battery enterprises dropped sharply during the week sandwiched between the two holidays [SMM Lead-Acid Battery Weekly Operating Rate Comment]](https://imgqn.smm.cn/usercenter/ojSqv20251217171720.jpeg)
![Suppliers offloaded goods to clear inventory at September month-end, primary lead enterprise inventory declined further [SMM Primary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/hrxHx20251217171721.jpeg)
