[SMM Shanghai and Other #1 Lead Markets: SHFE Lead Surpasses 17,000 Yuan/mt Threshold, Divergence in Spot Market Transactions Widens] SMM June 25 Report: In the Shanghai market, Chihong and Honglu lead are priced at 17,070-17,130 yuan/mt, with quotes at a discount of 50-10 yuan/mt against the SHFE lead 2507/2508 contracts. In the Jiangsu and Zhejiang markets, Jijin and JCC lead are priced at 17,090-17,120 yuan/mt, with quotes at a discount of 30-20 yuan/mt against the SHFE lead 2507/2508 contracts. SHFE lead has shown strong upward momentum, surpassing the 17,000 yuan/mt threshold again after nearly three months...

[SMM Lead Morning Meeting Summary: US Dollar Weakens Alongside Reduced Refined Lead Supply, Lead Prices Hold Up Well] The recent trend of tight supply of lead concentrates and scrap battery raw materials remains unchanged. The lead import window is closed. The routine maintenance of primary lead smelters in June and the potential slower-than-expected recovery of secondary refined lead have led to a decline in domestic refined lead supply. Despite the overall stable operation of downstream industries, it is still early for peak-season inventory preparation, and the enthusiasm for purchasing is generally low. The social inventory of refined lead continues to show a destocking trend.

According to customs data, lead concentrate imports in May 2025 were approximately 104,000 mt, down 6.4% MoM but up 3.8% YoY. The cumulative imports for 2025 reached approximately 552,676 mt, marking a 64% increase YoY compared to 2024.

[SMM Analysis: Lead Concentrates Imports Continued to Decline in May 2025, with Lead Concentrate TCs More Likely to Fall Than Rise] According to customs data, imports of lead concentrates in May 2025 were approximately 104,000 mt, down 6.4% MoM but up 3.8% YoY. The cumulative imports for 2025 were approximately 552,676 mt, representing a 64% increase from 2024.

[SMM Shanghai and Other #1 Lead Markets: SHFE Lead Fluctuates Upward, While Spot Market Discount Widens] SMM June 24 Report: In the Shanghai market, Chihong and Honglu lead are priced at 16,865-16,940 yuan/mt, quoted at a discount of 50-0 yuan/mt against the SHFE lead 2507/2508 contracts. In the Jiangsu-Zhejiang market, Jijin and JCC lead are priced at 16,885-16,920 yuan/mt, quoted at a discount of 30-20 yuan/mt against the SHFE lead 2507/2508 contracts. SHFE lead holds up well, with suppliers quoting prices in line with the market and generally selling at a discount...