SMM Weekly Lead Report (202507025)

Published: Jul 25, 2025 21:13
Some major primary lead smelters have not yet fully resumed production after maintenance, leading to prominent regional supply tightness. Spot discounts have narrowed and transactions have moved towards a premium (against SMM #1 lead prices), which may boost lead prices to hold up well. Meanwhile, the resumption of production in the secondary lead sector is gradually progressing, with signs of improvement in the inverted price relationship between secondary refined lead and primary lead. Before the price spread between the two reverses, it will still support the rise in lead prices...

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