[SMM Morning Lead Meeting Summary: Weak Spot Performance Drags Down Lead Prices, Focus on the Impact of Macro Sentiment on Lead Prices] As the consumption of downstream lead-acid batteries has not yet improved, the trading activity in the spot lead ingot market remains sluggish. Lead ingots are generally shipped at parity or at a small discount, and downstream purchase willingness remains poor. Such market conditions have suppressed the production enthusiasm of smelters, especially as the operating rate of secondary lead has not yet shown a significant recovery...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 20 May, 2025

[SMM Shanghai and Other #1 Lead Markets: Lead Price Center Moves Lower, Downstream Enterprises Show Slightly Better Purchasing Enthusiasm] SMM May 20 report: In the Shanghai market, Chihong lead is priced at 16,775-16,845 yuan/mt, with quotes of 0-20 yuan/mt premiums against the SHFE lead 2506 contract; Honglu lead is priced at 16,765-16,825 yuan/mt, with quotes of 10-0 yuan/mt discounts against the 2506 contract; JCC lead in Jiangsu and Zhejiang regions is priced at 16,755-16,825 yuan/mt, with quotes of 20-0 yuan/mt discounts against the 2506 contract. The center of SHFE lead prices is gradually moving lower, and the premiums and discounts quoted by suppliers remain unchanged from yesterday...

[SMM Analysis: Tariff Incident Continues to Impact Non-Ferrous Metals; May Lead Ingot Consumption Capacity May Limit Its Imports] SMM reported on May 20: In April 2025, the global lead market was influenced by multiple factors, including the macroeconomic situation, trade policies, and the supply-demand relationship. According to customs data, in April 2025, China's refined lead exports reached 3,368 mt, up 19.09% MoM and 15.54% YoY. From January to April, the total exports of refined lead and lead products amounted to 22,286 mt, with a cumulative year-on-year increase of 7.88%. On the import side, in April, China's refined lead imports were 4,734 mt, and lead alloy imports were 8,576 mt. From January to April, the total imports of refined lead and lead products reached 47,207 mt, with a cumulative year-on-year increase of 207.89%.

Overnight, LME copper opened at $9,500.5/mt. After fluctuating higher in early trading, it pulled back and touched a low of $9,495/mt.

[SMM Morning Lead Meeting Summary: Some Imported Crude Lead Flows into China, Inventory Buildup Pressure of Lead Ingots Suppresses Lead Prices] ... Recently, some imported crude lead has arrived in China, which may, to some extent, make up for the scrap supply gap of secondary lead enterprises. Coupled with the commissioning of new capacity, there will still be inventory buildup pressure on lead ingots in the future ...