Lead Prices Fluctuate Downward This Week, with Sluggish Trading in Both Spot and Futures Markets [[SMM Weekly Review of Refined Lead Spot Market]]

In the spot market, refined lead prices were in the doldrums this week (April 28-30, 2025). Suppliers in Henan province maintained quotes at a discount of 25-50 yuan/mt against the SMM 1# lead average price, with some suppliers expanding the discount against the SHFE lead 2506 contract to 150-160 yuan/mt, but trading activity remained sluggish. Smelters in Hunan province shifted to quoting a slight discount of 25-0 yuan/mt against the SMM 1# lead average price, while smelters in Yunnan province slightly expanded the discount for primary lead against the SMM 1# lead average price to 180-200 yuan/mt. As the Labour Day holiday approached, a significant number of downstream lead-acid battery producers took early leave, resulting in low market activity. A few downstream battery producers engaged in limited restocking at lower prices, while secondary refined lead smelters offered few quotes and largely refrained from offering spot orders.

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