[SMM Analysis: Tariff Incident Continues to Impact Non-Ferrous Metals; May Lead Ingot Consumption Capacity May Limit Its Imports] SMM reported on May 20: In April 2025, the global lead market was influenced by multiple factors, including the macroeconomic situation, trade policies, and the supply-demand relationship. According to customs data, in April 2025, China's refined lead exports reached 3,368 mt, up 19.09% MoM and 15.54% YoY. From January to April, the total exports of refined lead and lead products amounted to 22,286 mt, with a cumulative year-on-year increase of 7.88%. On the import side, in April, China's refined lead imports were 4,734 mt, and lead alloy imports were 8,576 mt. From January to April, the total imports of refined lead and lead products reached 47,207 mt, with a cumulative year-on-year increase of 207.89%.

Overnight, LME copper opened at $9,500.5/mt. After fluctuating higher in early trading, it pulled back and touched a low of $9,495/mt.

[SMM Morning Lead Meeting Summary: Some Imported Crude Lead Flows into China, Inventory Buildup Pressure of Lead Ingots Suppresses Lead Prices] ... Recently, some imported crude lead has arrived in China, which may, to some extent, make up for the scrap supply gap of secondary lead enterprises. Coupled with the commissioning of new capacity, there will still be inventory buildup pressure on lead ingots in the future ...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 May, 2025

[SMM Social Inventory of Lead Ingots: New Capacity of Secondary Lead Put into Operation, Social Inventory of Lead Ingots Continues to Increase] Recently, the off-season trend in the lead-acid battery market remains unchanged, with most downstream enterprises in a state of production cuts, resulting in limited demand for lead ingots. Meanwhile, the production of primary lead enterprises remains stable. Coupled with a slight improvement in the profits of secondary lead enterprises, new capacity of secondary lead enterprises in Hunan and Guizhou provinces has been put into operation, leading to a steady increase in supply...

[SMM Shanghai and Other 1# Lead Markets: Limited Demand from Downstream Enterprises, Spot Lead Generally Traded at a Contango] SMM May 19 report: In the Shanghai market, Chihong lead was quoted at 16,875-16,905 yuan/mt, with a premium of 0-20 yuan/mt against the SHFE lead 2506 contract; Honglu lead was quoted at 16,865-16,885 yuan/mt, with a contango of 10-0 yuan/mt against the 2506 contract; JCC lead in the Jiangsu-Zhejiang region was quoted at 16,855-16,885 yuan/mt, with a contango of 20-0 yuan/mt against the 2506 contract. SHFE lead was in the doldrums, with suppliers adjusting their quotes in line with market conditions. Some premium quotes were lowered, while others remained unchanged from last Friday...