Macro headwinds hit this week, driving lead prices to fluctuate downward [SMM Weekly Review of Refined Lead Spot Market]

In the spot market, the SMM #1 lead price fluctuated downward throughout this week (July 28, 2025 - August 1, 2025). As month-end and the weekend approached, some purchasing demand was postponed to next week, with many downstream enterprises cautiously waiting due to concerns about continued price declines. The tight spot supply situation in Henan province has eased somewhat, with suppliers offering quotes at a premium close to parity or at a discount of 110-130 yuan/mt against the SHFE lead 2509 contract mid-week. In Hunan province, brand lead smelters slightly reduced their premiums to 0-20 yuan/mt this week, while some non-brand lead smelters negotiated deals at a discount of 20-0 yuan/mt. Regarding secondary refined lead, after the lead price weakened this week, the enthusiasm of secondary refined lead enterprises for shipping declined significantly, with most holding back and waiting. A small amount of spot secondary refined lead was quoted at a slight premium against SMM #1 lead, with limited spot supply of scattered secondary refined lead orders and overall sluggish actual transactions.