Inventory Buildup and Off-Season Consumption Drag, Focus on the Integer Pressure Above Lead Prices [Institutional Commentary]

Published: Apr 15, 2025 09:18 (GMT+8)

On Monday, the most-traded SHFE lead PB2505 contract fluctuated rangebound during the day, with its center slightly shifting downward at night, while LME lead also fluctuated rangebound. Spot market: In the Shanghai market, Chihong lead was quoted at 16,925-16,955 yuan/mt, with a premium of 50-80 yuan/mt against the SHFE lead 2505 contract; Honglu lead was quoted at 16,895-16,905 yuan/mt, with a premium of 20-30 yuan/mt against the SHFE lead 2505 contract; in the Jiangsu-Zhejiang region, JCC lead was quoted at 16,875-16,895 yuan/mt, at parity with the SHFE lead 2505 contract. SHFE lead maintained high-level consolidation, and as the delivery date approached, some suppliers waited for delivery, resulting in fewer market quotations, with some quoted at premiums. Downstream enterprises were cautious about high prices and made fewer purchases, with only some making just-in-time procurement. SMM: As of this Monday, social inventory stood at 66,600 mt, a decrease of 2,900 mt WoW.

Overall, some used battery recyclers halted purchases and adopted a wait-and-see approach, leading to tighter supply. Used battery prices rose slightly, and losses at secondary lead smelters widened, with some cutting or halting production, providing support for lead prices. However, as the monthly delivery approaches, inventory buildup pressure increases, lead ingot imports have started, and the expectation of imported supply inflows has strengthened. Additionally, during the off-season, battery enterprises in Anhui plan to lower their operating rates. With both bullish and bearish factors at play, lead prices are unlikely to see a trend in the short term, with attention focused on the resistance at key levels.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
【Flash | Coherent’s PhotonLink Sets the Stage for a Commercial Indium Phosphide (InP) Ramp】
Oct 02, 2026 14:34 (GMT+8)
【Flash | Coherent’s PhotonLink Sets the Stage for a Commercial Indium Phosphide (InP) Ramp】
Read More
【Flash | Coherent’s PhotonLink Sets the Stage for a Commercial Indium Phosphide (InP) Ramp】
【Flash | Coherent’s PhotonLink Sets the Stage for a Commercial Indium Phosphide (InP) Ramp】
Coherent launched PhotonLink, an integrated optics platform for AI infrastructure incorporating Indium Phosphide (InP) lasers, silicon photonics, detectors and optical modules. The company disclosed more than 10 CPO engagements, over 10 NPO engagements and more than five chip-to-chip connectivity projects, with anchor customers and long-term agreements secured for both CPO and NPO. Revenue is expected to begin ramping in Q4 2026. Coherent has shipped over 300 million InP lasers and is expanding its 6-inch InP manufacturing capacity to support the ramp. The customer pipeline provides a clearer commercial demand signal for InP devices and upstream materials, although additional capacity and indium consumption were not disclosed.
Oct 02, 2026 14:34 (GMT+8)
Nine Mile’s Second Rig Arrives at Tribag–West Wedge to Test Seven Electromagnetic Targets
Oct 02, 2026 10:38 (GMT+8)
Nine Mile’s Second Rig Arrives at Tribag–West Wedge to Test Seven Electromagnetic Targets
Read More
Nine Mile’s Second Rig Arrives at Tribag–West Wedge to Test Seven Electromagnetic Targets
Nine Mile’s Second Rig Arrives at Tribag–West Wedge to Test Seven Electromagnetic Targets
Nine Mile Metals announced that its second rig had arrived at Tribag–West Wedge in New Brunswick, Canada, with drilling expected to begin at Tribag in the coming days. Seven modelled electromagnetic targets are associated with the Tribag lead-zinc and West Wedge copper-lead-zinc occurrences. Wedge drilling continues in parallel. By September 21, the company had completed 18 holes totaling 4,934.50 metres of its 10,000-metre annual program. The conductors remain geophysical targets requiring drilling to establish their source.
Oct 02, 2026 10:38 (GMT+8)
【SMM Flash News】Masivo Intersects 32.50 Metres of Lead-Zinc-Bearing Polymetallic Mineralization at Cerro Colorado.
Oct 01, 2026 10:06 (GMT+8)
【SMM Flash News】Masivo Intersects 32.50 Metres of Lead-Zinc-Bearing Polymetallic Mineralization at Cerro Colorado.
Read More
【SMM Flash News】Masivo Intersects 32.50 Metres of Lead-Zinc-Bearing Polymetallic Mineralization at Cerro Colorado.
【SMM Flash News】Masivo Intersects 32.50 Metres of Lead-Zinc-Bearing Polymetallic Mineralization at Cerro Colorado.
Masivo Silver reported assays from CC-26-001, its first hole at Cerro Colorado in Sonora, Mexico. The hole intersected 32.50 metres from 226.30 to 258.80 metres averaging 0.271% zinc, 0.141% lead and 7.0 g/t silver. Technical difficulties ended drilling at 259.5 metres while the hole remained within mineralized rock.
Oct 01, 2026 10:06 (GMT+8)