[SMM Shanghai and Other 1# Lead Markets: SHFE Lead Holds Up Well, While Spot Market Transactions Remain Sluggish] SMM May 13 report: In the Shanghai market, Chihong lead is priced at 16,880-16,950 yuan/mt, with a discount of 30-0 yuan/mt against the SHFE lead 2506 contract or quoted on par with the SHFE lead 2505 contract. Honglu lead is priced at 16,950-16,970 yuan/mt, with a discount of 30-20 yuan/mt against the SHFE lead 2506 contract. In the Jiangsu-Zhejiang region, JCC and Jinde lead are quoted at 16,960-16,980 yuan/mt, with a discount of 30-0 yuan/mt against the 2506 contract. SHFE lead continues to hold up well, with suppliers actively selling and offering more discounts...

[SMM Lead Morning Meeting Summary: Expectations for Production Cuts Overlap with Off-Season Demand, Both Supply and Demand in the Lead Market Decline] This week, the SHFE lead 2505 contract is about to enter delivery. However, suppliers are primarily focused on selling spot cargo, with low intentions to transfer to delivery warehouse or relocate inventory, leading to a slight decline in social inventory. Recently, secondary lead smelters have suffered severe losses, compounded by insufficient supply of scrap batteries. As a result, secondary lead enterprises in regions such as Anhui, Jiangsu, and Jiangxi have generally experienced production cuts or suspensions. Boosted by the macroeconomic atmosphere, lead prices have rebounded. The losses of secondary lead enterprises have slightly improved compared to WoW. It is still necessary to continue monitoring the trends of production cuts by secondary lead enterprises and the transfer to delivery warehouse and delivery of delivery brands.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 May, 2025

[SMM Social Inventory of Lead Ingots: Increased Production Cuts in Secondary Lead Lead to a Slight Decline in Social Inventory of Lead Ingots] This week, the SHFE lead 2505 contract is expected to enter the delivery phase, but there has been no significant movement of large-scale transfer to delivery warehouse for delivery brands. Suppliers are mainly focusing on selling spot cargo. Meanwhile, secondary lead smelters have recently incurred substantial losses, coupled with insufficient supply of scrap batteries, leading to intensified production cuts by smelters...

[SMM Shanghai and Other #1 Lead Markets: SHFE Lead Nears 17,000 yuan/mt Threshold, Suppliers Actively Expand Discounts to Sell] SMM May 12 News: In the Shanghai market, Chihong lead is priced at 16,970-17,000 yuan/mt, quoted at a premium of 0-20 yuan/mt against the SHFE lead 2506 contract; Honglu lead is priced at 16,950-16,970 yuan/mt, quoted at a discount of 30-10 yuan/mt against the SHFE lead 2506 contract. In the Jiangsu-Zhejiang region, JCC and Jinde lead are priced at 16,960-16,980 yuan/mt, quoted at a discount of 20-0 yuan/mt against the SHFE lead 2505 or 2506 contracts. Progress in China-U.S. trade negotiations has been positive, with non-ferrous metals generally strengthening. SHFE lead is also fluctuating upward, approaching the 17,000 yuan/mt threshold...

[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...