Downstream consumption showed mediocre performance, and the SMM 1# lead price weakened, falling below the 17,000 yuan/ton mark. [SMM Weekly Review of Refined Lead Spot Market]

During this week (July 7, 2025 to July 11, 2025), despite a large number of favourable macro front news boosting the non-ferrous metals sector, the SMM 1# lead average price remained weak, oscillating below the 17,000 yuan/mt level. The lead market was more influenced by fundamental factors and did not show a trend of synchronous increase with other non-ferrous metals. In the spot market, downstream demand remained mediocre, with some enterprises maintaining a cautious wait-and-see attitude due to concerns about price declines. Suppliers of brand lead increased their operations of transferring to delivery warehouse and warehouse relocation. In Henan, suppliers' quotes for SMM 1# lead were slightly premium of 0-25 yuan/mt, or discount of 200-180 yuan/mt against the SHFE lead 2507 contract, but it was difficult to conclude transactions at high prices. In Hunan, smelters of brand lead were relatively firm on prices, offering discounts of 10-0 yuan/mt, while some suppliers of non-delivery brand lead sold lead resources at discounts of 50-30 yuan/mt. For secondary refined lead, the mainstream supply was offered at discounts of 50-0 yuan/mt against the SMM 1# lead average price, with some mid-term quotes reaching parity, and transactions were concluded at discounts during final negotiations. After the SHFE lead price weakened on Friday, quotes for secondary refined lead became firm again. However, downstream enterprises' inquiries and purchase willingness were average, with some procurement needs postponed to next week to obtain warehouse primary lead supplies after delivery.

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