The accumulation of spot inventory, coupled with weak consumption, led to refined lead prices being in the doldrums this week. [Weekly Review of SMM Refined Lead Spot Market]

In the spot market, the SMM #1 lead price continued to decline and weaken this week (from July 15, 2025 to July 19, 2025). Mid-week, around the SHFE lead delivery period, domestic inventory continued to build up, and overseas refined lead inventory also saw a significant increase, dragging down lead prices in the short term. In the spot market, downstream consumption mainly involved picking up goods from smelter supplies. As lead prices briefly stabilized near the end of the week, enterprises' sentiment of caution due to fear of further price declines slightly diminished. Supply in the Henan region was relatively tight, with suppliers quoting a small premium of 0-25 yuan/mt against SMM #1 lead or a discount of 160-100 yuan/mt against the SHFE lead 2508 contract. At the beginning of the week, brand lead smelters in the Hunan region quoted a discount of 30 yuan/mt. As lead prices weakened and smelter inventories were sold out, the discounts narrowed. Suppliers still maintained a discount of 50-30 yuan/mt against SMM #1 lead or a discount of 160 yuan/mt against the SHFE lead 2508 contract. Regarding secondary refined lead, near the end of the week, mainstream supplies turned to quoting a small premium against the SMM #1 lead average price. Despite high inquiry enthusiasm from downstream enterprises, secondary lead smelters quoted firmly with poor willingness to sell, resulting in an overall unoptimistic transaction situation.