Slow recovery in secondary refined lead supply supports lead prices to hold up well [SMM Weekly Review of Refined Lead Spot Market]

In the spot market, the SMM 1# lead price ranged from 16,525 to 16,775 yuan/mt this week (June 9-13, 2025). In early June, the recovery of secondary lead smelters was slow, and the reluctance of enterprises to sell at premiums against the SMM 1# lead price did not improve. Downstream procurement still favored primary lead supplies. Additionally, in the primary lead market, the expected supply decline due to routine maintenance at some brand lead smelters in late June may lead some downstream enterprises to adjust their procurement and build inventory in advance to meet immediate needs. In terms of quotations, suppliers in Henan province quoted premiums of 0-25 yuan/mt against SMM #1 lead or discounts of 200-180 yuan/mt against the SHFE lead 2507 contract. After selling out their inventory, some smelters in Hunan province shifted to quoting premiums of 50-60 yuan/mt against SMM 1# lead, while suppliers in the region quoted premiums of 20-30 yuan/mt against SMM 1# lead. Following the gradual resumption of work after the holiday in the downstream sector, trading activity increased in some local areas, and the transaction situation in the spot market improved slightly WoW.
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