[SMM Morning Lead News: Multiple Factors Interplay, LME Lead Shows "V"-Shaped Trend] SMM News on May 9: Overnight, LME lead opened at $1,957.5/mt, and the LME lead price showed a "V"-shaped trend throughout the day. During most of the Asian session, LME lead consolidated around $1,950/mt...

【SMM Morning Lead Meeting Summary: Weak Consumption Coexists with Supply Reductions, Lead Prices May Remain in a Consolidation Phase in the Short Term】The UK and the US have reached an agreement on the terms of a tariff and trade deal, with details yet to be finalised. The US will retain a 10% benchmark tariff, reducing the tariff on the first 100,000 UK cars imported to 10%. It is understood that from mid-to-late May to June, there has been an increase in plans for maintenance and production cuts among primary and secondary lead enterprises. The supply of lead ingots is expected to tighten, which may alleviate the subsequent pressure of inventory buildup for lead ingots...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 8 May, 2025

The secondary lead industry is facing difficulties during the off-season for lead-acid battery consumption. Low scrap volumes due to reduced battery replacements, combined with intense competition among recyclers, create significant pressure for scrap dealers to collect waste batteries. Secondary lead smelters are struggling with poor arrivals of waste batteries and high costs, resulting in losses of 600-800 yuan per ton of secondary refined lead. High lead ingot inventories and weak demand from downstream battery manufacturers further exacerbate the situation. Despite plans for new capacity in May, production cuts are anticipated as the industry grapples with tight raw material supplies and declining output.

[SMM Shanghai and Other #1 Lead Markets: Lead Futures Rise Strongly, Spot Transaction Discounts Widen Further] SMM May 8 News: Honglu lead in the Shanghai market is priced at 16,770-16,830 yuan/mt, with a premium of 0-20 yuan/mt against the SHFE lead 2506 contract. In Jiangsu and Zhejiang regions, JCC and Jinde lead are quoted at 16,760-16,810 yuan/mt, with discounts of 10-0 yuan/mt against the SHFE lead 2505 or 2506 contracts. SHFE lead prices hold up well, with suppliers actively selling off cargoes, and quoted premiums lowered compared to yesterday...

[SMM Social Inventory of Lead Ingots: Widening Spread Between Futures and Spot Prices Drives Transfer to Delivery Warehouse, Social Inventory of Lead Ingots Continues to Increase] After the Labour Day holiday, the weak consumption in the lead-acid battery market persisted, with some enterprises continuing to use their previous inventory, resulting in limited demand for lead ingot procurement. Meanwhile, as lead prices weakened, downstream enterprises maintained a strong wait-and-see sentiment, making just-in-time procurement only, and were unable to quickly digest the accumulated lead ingot inventory during the holiday period.....

[SMM Lead Midday Review: Sluggish Trading Atmosphere in Spot Market, No Advantage in Secondary Refined Lead Transactions] SMM reported on May 8: Today, the SMM 1# lead average price rose by 75 yuan/mt from yesterday to 16,625 yuan/mt, with the price difference between primary metal and scrap at 25 yuan/mt.

[SMM Lead Morning News: Overseas Inventories Drop by Nearly 5,000 mt Daily, LME Lead Recovers from Losses in the Previous Two Days] SMM reported on May 8: Overnight, LME lead opened at $1,918/mt. Dragged down by the weakness of SHFE lead during the Asian session, LME lead was in the doldrums, hitting a low of $1,915/mt during the session. However, as it entered the European session, the center of LME lead's operation gradually shifted upwards...