Primary Lead Spot Price in the Doldrums, Regional Discounts Narrowing with Smelter Offers Remaining Firm [SMM Refined Lead Spot Market Weekly Review]

Spot market, SHFE lead prices were in the doldrums this week (May 11-15, 2026), with the price center continuing to shift downward. Downstream enterprises were cautious in procurement, focusing mainly on rigid demand, with insufficient willingness to purchase at high prices, and overall spot order trading was lackluster.

Regionally, smelters in Henan mainly shipped via long-term contracts, with significant divergence in trader quotations, at discounts of 180-120 yuan/mt against the SHFE lead 2606 contract. Sources with large discounts gradually decreased as prices stabilized. Smelters in Hunan became more cautious in shipments after inventory declined, with most spot orders shipped at parity ex-factory. The spot discount pattern among traders narrowed WoW. Some sources from smelters in Jiangxi and Guangdong were sold out this week, with firm quotations. Overall, downstream enterprises slowed their procurement pace this week, only purchasing on dips as needed, and overall market transactions were weak.