In the spot market, the SMM 1# lead price continued its upward trend this week (March 10-14, 2025), hitting a new high of 17,300 yuan/mt on Friday, the highest since 2025.
In Henan, smelters mainly shipped under long-term contracts, while some suppliers quoted at discounts of 160-200 yuan/mt against the SHFE 2504 contract. However, downstream pricing activity significantly decreased as lead prices rose. In Hunan, supply was slightly affected by raw materials, and quotations remained firm, with branded lead smelters quoting premiums of 50-100 yuan/mt and non-branded lead quoting premiums of 50 yuan/mt. In Yunnan, primary lead was quoted at discounts of 250-200 yuan/mt, while warrants in Jiangsu, Zhejiang, and Shanghai were quoted at discounts of 30-0 yuan/mt against the SHFE 2503 contract. Throughout the week, macroeconomic bullish factors continued to boost the non-ferrous metals market, and SHFE lead showed strong performance. However, spot market transactions significantly weakened, and suppliers showed increased willingness to deliver. Additionally, in the secondary refined lead market, ex-factory quotations were at discounts of 100-0 yuan/mt against the SMM 1# lead price. Mid-week, some secondary refined lead suppliers sold off due to fears of price declines, further widening the discounts. Downstream restocking on a just-needed basis led to slightly better transaction performance in the secondary refined lead market compared to primary lead.
