Lead prices were in the doldrums this week, with downstream procurement favoring the primary lead market [SMM Weekly Review of Refined Lead Spot Market]

In the spot market, the SMM 1# lead price fluctuated downward throughout the week (May 19, 2025 - May 23, 2025) after correcting from the high of 16,800 yuan/mt reached last week, and stopped falling and began to rebound on Friday. Secondary lead smelters, facing widening losses, were reluctant to sell at low prices, leading to production cuts or suspensions again in major producing regions. Some enterprises halted shipments or offered prices at a discount to primary lead prices. Downstream enterprises preferred primary lead sources for their just-in-time procurement. Suppliers in Henan province quoted prices at a discount of 25-0 yuan/mt against SMM 1# lead and a discount of 180-150 yuan/mt against the SHFE lead 2506 contract. Smelters in Hunan province quoted prices at a discount of 50-30 yuan/mt against SMM 1# lead. As smelter inventories were sold out approaching the weekend, the discounts narrowed slightly.

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