In the spot market, the price of SMM #1 lead experienced a process of decline first and then rise this week (August 4-8, 2025), showing an overall trend of bottoming out and rebounding. In the spot market, smelters mainly focused on shipments under long-term contracts. Spot supply in Henan gradually loosened, and suppliers' quotes for SMM #1 lead ranged from a slight discount to parity, with the discount against the SHFE lead 2509 contract remaining between 110-130 yuan/mt. Meanwhile, brand lead producers in Hunan adjusted the premium for SMM #1 lead to nearly parity, while non-brand lead producers engaged in price negotiations with a discount of 20-0 yuan/mt. For secondary refined lead, as lead prices rebounded, the sales enthusiasm of relevant enterprises increased significantly, with the mainstream tax-included ex-factory prices rising by 0-50 yuan/mt compared to the SMM #1 lead average price. Additionally, downstream battery manufacturers preferred to purchase spot orders from the primary lead market to meet their needs.
