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[SMM Analysis: Production Recovery After Maintenance, May's Primary Lead Output May Fully Recover from Decline] It is understood that in April, large enterprises in Henan province conducted equipment maintenance as planned, which was one of the main factors contributing to the decline in primary lead output this month. Meanwhile, lead prices fell sharply in April compared to March, with the most-traded SHFE lead contract dropping from a peak of 17,805 yuan/mt in late March...

[SMM Analysis: Recovery After Maintenance Dominates, May Primary Lead Production May Fully Recover from Decline] It is understood that in April, large enterprises in Henan province conducted equipment maintenance as planned, which was one of the main factors contributing to the decline in primary lead production this month. Meanwhile, lead prices fell sharply in April compared to March, with the most-traded SHFE lead contract dropping from a peak of 17,805 yuan/mt in late March...

[SMM Analysis: "Double Whammy" of Market Losses and Tight Raw Material Supply! Secondary Lead Production Declined in April. Can the Situation Be Turned Around in May?] SMM reported on April 30: In April 2025, the production of secondary crude lead declined, down 4.56% MoM and up 11.04% YoY; the production of secondary refined lead declined 4.26% MoM and increased 7.46% YoY.

According to SMM, the inventory of imported lead concentrates held by traders has declined, and there have been no offers for forward delivery orders arriving at ports for several consecutive weeks. Some traders indicated that the actual transaction processing fees (TCs) for imported lead concentrates are expected to remain negative, with silver refining fees having already dropped to zero. Smelters relying on imported ore generally stated that their recent raw material purchases have mainly been based on long-term contracts signed in the past or spot orders for forward delivery arriving at ports...

[SMM Lead Futures Brief Commentary] During the day, the most-traded SHFE lead 2506 contract opened at 16,880 yuan/mt. After briefly touching a high of 16,920 yuan/mt in the early session, it fluctuated downward, reaching a low of 16,765 yuan/mt in the closing session, and finally closed at 16,840 yuan/mt, down 0.33%, with an open interest of 34,434.