Consumption weakened before the Dragon Boat Festival, and lead prices fluctuated downward [SMM Weekly Review of Refined Lead Spot Market]

In the spot market, the SMM 1# lead price continued its fluctuating trend in the doldrums this week (May 26, 2025 - May 30, 2025). On Friday, the SMM 1# lead price fell below 16,500 yuan/mt, hitting a new low since May. During the week, losses at secondary lead smelters widened, prompting multiple enterprises to cut production or suspend shipments, with market quotes remaining firm. In the primary lead market, suppliers in Henan province offered quotes at a discount of 25-0 yuan/mt against SMM 1# lead or at a discount of 180-150 yuan/mt against the SHFE lead 2506 contract. Smelters in Hunan province offered quotes at a discount of 40-30 yuan/mt against SMM 1# lead, reluctant to sell, but traders expanded their discounts to 60-50 yuan/mt against SMM 1# lead during the week to unload their inventory. As the weekend approached, downstream enterprises gradually entered the Dragon Boat Festival holiday, halting production and operations. Both spot market trading and investment activities were sluggish, with a strong holiday atmosphere prevailing.

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