[SMM Lead Morning Brief: US Tariff Risks Intensify, Lead Prices Pull Back After Rising] SMM reported on July 7: Last Friday, LME lead opened at $2,060/mt. With the end of the US's reciprocal tariff suspension period, market concerns grew, and LME lead prices pulled back relatively after rising in the previous trading session...

[SMM Lead Morning Meeting Summary: Intertwined Raw Material Supply Conflicts and Consumption Expectations, Short-Term Lead Prices Expected to Consolidate] Starting from July 4, the US government will issue notifications on new tariff rates to countries that have not yet reached trade agreements. It is understood that after maintenance in July, smelters will resume production, with expectations rising for an increase in ingot output. Consequently, the demand for raw materials such as lead concentrates and scrap batteries is expected to increase simultaneously...

The SMM Imported Zinc Concentrate Index for this week is $66.25/dmt, with a 1.53% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-55/dmt, flat from the previous week's figure.

In July, the expected increase in ingot production is anticipated to drive up the demand for raw materials such as lead concentrates and scrap batteries. The high demand has further pushed up the cost of raw materials, which will boost lead prices to hold up well. However, it should be noted that the current lead-acid battery market has not truly entered the peak season, and the high lead prices have constrained the enthusiasm for downstream procurement...