SMM Lead Morning Meeting Summary: Supply and Demand in the Refined Lead Market Both Decline, Some Downstream Companies Enter Qingming Festival Holiday Early. Recently, the lead market has shown weak supply and demand. On the supply side, constrained by routine maintenance and difficulties in scrap recycling, the operating rates of both primary lead and secondary lead enterprises have declined. On the demand side, as the lead-acid battery industry enters the traditional off-season, downstream companies generally adopt cautious production strategies, with some companies implementing production cuts or entering the Qingming Festival holiday early.

SMM Lead Morning Brief: Overnight Lead Futures Fluctuated Downward, SHFE Lead Slightly Closed Lower. SMM, April 1: Overnight, the most-traded SHFE lead contract opened at 17,465 yuan/mt and finally closed at 17,375 yuan/mt, down 35 yuan/mt, a decrease of 0.20%. Overnight, LME lead opened at $2,013/mt, fluctuated rangebound during the Asian session, and finally closed at $2,015.5/mt, up $2.5/mt, an increase of 0.12%.

SMM Analysis: Secondary Lead Production Surges by Approximately 200,000 mt MoM in March, Expectations for Passive Production Cuts in Secondary Lead Enterprises in Mid-to-Late April? SMM, March 31, 2025: In March 2025, the production of secondary crude lead increased significantly, up 94.34% MoM and 15.21% YoY; the production of secondary refined lead rose 110.48% MoM and 11.24% YoY.

SMM Analysis: Smelters Resume Operations in Concentration, Primary Lead Production Hits Record High in March. It is understood that in March, with the increase in working days, the production of primary lead smelters generally increased compared to February, which was the main reason for the production increment that month. Among them, excluding a few areas such as Yunnan and Henan...