[SMM Lead Midday Review: Lead Prices Rise, but Downstream Enterprises Show Weak Purchasing Enthusiasm, with Sluggish Refined Lead Transactions] SMM reported on May 12: Today, the SMM 1# lead average price rose by 125 yuan/mt from last Friday to 16,800 yuan/mt, with a price difference between primary metal and scrap of 25 yuan/mt. Secondary lead smelters still offered limited quotes; they quoted at a discount of 50-0 yuan/mt against the SMM 1# lead average price, with a few offering at a premium of 25-75 yuan/mt.

[SMM Lead Morning Meeting Summary: Lead Futures - Macro Boost vs. Off-Season Lead Prices] The off-season trend in lead consumption remains unchanged, coupled with export obstacles, resulting in limited demand for lead ingots from downstream enterprises. Consumption remains a drag on lead price movements. From mid-to-late May to June, there is an expected increase in routine spring maintenance for primary lead production, and secondary lead enterprises, facing expanding losses, also plan to cut production and conduct maintenance. This has led to expectations of tightening lead ingot supply, which may alleviate the bearish impact on lead prices from subsequent inventory buildup pressure and consumption gaps. The cost support from secondary refined lead is prominent, and in the short term, lead prices may continue to be in the doldrums...