Lead prices fluctuated downward this week, with secondary refined lead producers standing firm on quotes and reluctant to sell {{SMM Weekly Review of Refined Lead Spot Market}}

In the spot market, refined lead prices were in the doldrums this week (May 3-9, 2025). Suppliers in Henan province widened their discounts against the SMM 1# lead average price to 50-80 yuan/mt, and maintained discounts of 150-160 yuan/mt against the SHFE lead 2506 contract. Downstream purchasing enthusiasm was low after the holiday, leading to a slight increase in refined lead inventories in Henan. Smelters in Hunan province shifted to offering discounts of 50-30 yuan/mt against the SMM 1# lead average price, with some smaller plants selling at discounts of 80-50 yuan/mt to alleviate inventory pressure. In Yunnan province, discounts for primary lead against the SMM 1# lead average price also widened slightly to 280-250 yuan/mt. Downstream lead-acid battery enterprises mainly focused on depleting finished product inventories, with some delaying production resumption and adopting a wait-and-see approach to raw material stocking. Overall market transactions were sluggish. Lead prices weakened after the Labour Day holiday, but scrap battery quotes did not follow suit, causing secondary refined lead to shift from profitability to losses. Some enterprises mentioned expectations of a supply decline, with spot quotes remaining firm.

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