Supply Reduction Coupled with Interest Rate Cut Expectations, Lead's Most-Traded Contract Breaches the 17,000 Mark [SMM Weekly Review of the Refined Lead Spot Market]

Spot market, this week (September 8-12, 2025) after maintenance expectations for primary lead and secondary refined lead were realized in September, supply accumulated a decline, and the most-traded SHFE lead contract price fluctuated rangebound before rising above the 17,000 yuan/mt level on Friday. This week, circulating supply in Henan decreased, with suppliers maintaining discounts of 25-0 yuan/mt against the SMM #1 lead average price, while some suppliers offered discounts of 100-120 yuan/mt against the SHFE lead 2509 contract. In Hunan, branded lead smelters maintained discounts of 50-30 yuan/mt against the SMM #1 lead average price for rigid demand transactions; early in the week, some non-branded lead suppliers sold at discounts of 80 yuan/mt, and by the weekend, there were almost no large-discount quoted supplies in the market. For secondary refined lead, mid-week smelters were not active in selling, and the divergence in sales attitudes among smelters in different regions did not improve; in the market, secondary refined lead supplies that were held back with small premiums against the SMM #1 lead average price coexisted with those sold at discounts of 100-50 yuan/mt.