Macro factors are bullish and fundamentals are improving, with lead prices holding up well. [SMM Weekly Review of Refined Lead Spot Market]

In the spot market, the SMM 1# lead price held up well this week (June 23, 2025 - June 27, 2025). Recently, macroeconomic tailwinds, coupled with the realization of expectations for reduced supply on the fundamentals side of lead, have propelled lead prices to break through key resistance levels and enter an upward trajectory, though they faced brief pressure towards the end of the week. In terms of pricing, suppliers in Henan province maintained quotes at a discount of 0-25 yuan/mt against SMM 1# lead or a discount of 200-180 yuan/mt against the SHFE lead 2507 contract. In Hunan province, brand lead smelters were reluctant to sell and were adopting a wait-and-see attitude, with suppliers offering quotes at a discount of 40-30 yuan/mt against SMM 1# lead. The lead-acid battery market is currently in a transition period between the off-season and peak season. Amidst the continuous rise in lead prices, except for a few large enterprises conducting mid-year inventory checks, the purchasing enthusiasm of downstream small and medium-sized battery enterprises has rebounded somewhat.

》Click to view the SMM Metal Industry Chain Database