[SMM Lead Midday Review: Strong "lying flat" sentiment among downstream enterprises, sluggish spot order transactions of refined lead] SMM reported on May 16: Today, the SMM 1# lead average price fell by 25 yuan/mt from yesterday to 16,775 yuan/mt, with a price difference between primary metal and scrap of 50 yuan/mt. The number of enterprises shipping goods today decreased compared to yesterday, with tax-included ex-factory quotations against the SMM 1# lead average price ranging from a reduction of 100 to 0 yuan/mt.

Overnight, LME copper opened at $9,527.5/mt. Prices fluctuated at the beginning of the session, dipping to a low of $9,511.0/mt during the session, before fluctuating upward.

[SMM Lead Morning Meeting Summary: Macro Tailwinds Nearing an End, Domestic Social Inventory Buildup Weighs on Lead Prices, Which Are in the Doldrums] On the fundamentals side, the lead-acid battery market is in the traditional off-season in May. The battery inventory accumulated during the Labour Day holiday is difficult to be quickly digested, and the demand for raw lead ingots is limited. As the SHFE lead delivery approaches, suppliers are transferring their inventory to delivery warehouses, leading to a simultaneous increase in the social inventory of lead ingots in warehouses. In addition, as lead prices fluctuate and rebound, the profitability of secondary lead has improved somewhat, and some companies are planning to resume production. The expected increase in supply poses a risk of further inventory buildup in the social inventory of lead ingots...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 15 May, 2025

[SMM Social Inventory of Lead Ingots: Suppliers Transfer Stocks to Delivery Warehouse, Social Inventory of Lead Ingots Increases by Nearly 10,000 mt] Recently, the SHFE lead 2505 contract entered the delivery phase, and suppliers have been transferring their stocks to delivery warehouses one after another, leading to a simultaneous increase in the social inventory of lead ingots in warehouses. In May, the lead-acid battery market is in the traditional off-season, with downstream enterprises generally experiencing production cuts and having limited demand for lead ingots...

[SMM Shanghai and Other 1# Lead Markets: SHFE Lead Breaks Through 17,000 yuan/mt Threshold, Spot Market Contango Widens with Poor Trading Volume] SMM May 15 News: In the Shanghai market, Chihong primary lead was priced at 16,900-16,975 yuan/mt, with a contango of 30-0 yuan/mt against the SHFE lead 2506 contract or quoted on par with the SHFE lead 2505 contract. Honglu primary lead was priced at 16,975-17,000 yuan/mt, quoted on par with the 2506 contract. In the Jiangsu-Zhejiang region, JCC primary lead was reported at 16,950-17,000 yuan/mt, quoted with a contango of 20-0 yuan/mt against the 2506 contract. SHFE lead held up well and broke through the 17,000 yuan/mt threshold. Meanwhile, today is the delivery day for the SHFE lead 2505 contract. Some suppliers prioritized delivery matters, and their quoted contango narrowed slightly compared to yesterday, while cargoes self-picked up from primary lead smelters were still being sold at a significant contango...

[SMM Lead Midday Review: Quotations for refined lead spot orders increased compared to yesterday, and the discount widened] SMM reported on May 15: Today, the SMM 1# lead average price remained unchanged from yesterday at 16,850 yuan/mt, with a price difference between primary metal and scrap of 75 yuan/mt. The change in market trading activity was relatively small.

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