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 situation where enterprises quoted at premiums against SMM 1# lead and were reluctant to sell did not improve. Downstream procurement still favored primary lead supplies. Additionally, in the primary lead market, the regular maintenance of some brand lead smelters in late June is expected to bring about a decline in supply, prompting some downstream enterprises to adjust their procurement and build inventories in advance to meet their rigid demand.