[Lead spot market transactions] The SHFE lead price pulled back after reversing its trend and continued to consolidate. Suppliers sold cargoes in line with market conditions, while some refused to budge on prices. Downstream enterprises showed relatively weak purchasing interest, and spot market transactions remained sluggish. Meanwhile, primary lead smelters' offers showed small price differences, with some expanding discounts against SHFE lead. Main producing regions quoted premiums of -50~+30 yuan/mt against the SMM #1 lead average price ex-works. On the secondary lead side, regional supply disparities of lead ingots were evident, and smelters' selling strategies diverged further. Secondary refined lead was quoted at premiums of -100~+25 yuan/mt against the SMM #1 lead average price ex-works.