Macro factors are bullish, coupled with raw material production, and lead prices continue to hold up well. [SMM Weekly Review of Refined Lead Spot Market]

In the spot market, SMM 1# lead prices held up well this week (July 1, 2025 - July 5, 2025). Recent macro news developments and a weakening US dollar index boosted the commodity market. Coupled with the escalating raw material supply issues in the lead market, lead prices continued to strengthen after a brief correction. In the spot market, 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. Branded lead smelters in Hunan province were reluctant to sell and were adopting a wait-and-see approach, with suppliers narrowing their discounts against SMM 1# lead to 30-20 yuan/mt. For secondary refined lead, mainstream supplies were offered at a discount of 50-0 yuan/mt against the SMM 1# lead average price. After lead prices strengthened, downstream enterprises' enthusiasm for spot order inquiries weakened somewhat. The start-up expectations for the lead-acid battery market are gradually rising, with some medium-to-large downstream enterprises stocking up on essential supplies to meet future peak-season orders, while many small battery enterprises remain cautious.

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