This week (October 12-16, 2026), the SMM #1 lead weekly average price was 16,125 yuan/mt, up 100 yuan/mt WoW. In the first week after the National Day holiday (October 8-9, 2026), downstream lead enterprises quickly resumed purchasing, smelter inventories turned lower, and spot lead shifted to trading at premiums against SHFE lead. This week, lead prices continued to rise, downstream purchasing enthusiasm cooled, and spot market circulating supply was limited. Smelters in Henan, the main production region, were mostly in a state of queued shipments, with mainstream production area quotations at premiums of 50-100 yuan/mt against the SMM #1 lead average price ex-works, while a few in south China were quoted at parity ex-works. For secondary lead, smelter production resumptions progressed slower than expected, regional supply was tight, and secondary refined lead was quoted at premiums of 50-100 yuan/mt against the SMM #1 lead average price ex-works.
![Post-holiday lead prices swing wildly & scrap battery prices lag, suppliers' sentiment to hold back from selling intensifies [SMM scrap battery weekly review]](https://imgqn.smm.cn/usercenter/rDPju20251217171722.jpg)
![The most-traded lead contract has completed its rollover, and SHFE lead consolidates on a weak note, awaiting guidance from the new most-traded contract [Lead Futures Brief Review]](https://imgqn.smm.cn/usercenter/EhsCj20251217171721.jpeg)
![SMM Primary Lead Smelter Weekly Operating Rate (October 9–15, 2026) [SMM Primary Lead Operating Weekly Review]](https://imgqn.smm.cn/usercenter/LCtEk20251217171721.jpeg)
