Stockpiling Gradually Commences Before the Holiday, Lead Prices Hold Up Well [SMM Refined Lead Spot Market Weekly Review]

Spot market, this week (September 15-19, 2025) saw narrowing spot discounts as supply accumulation declined and downstream enterprises stockpiled ahead of the holiday, with smelter inventories falling. In Henan, smelters focused on shipments under long-term contracts after delivery, keeping spot supply tight. Suppliers narrowed discounts against SMM #1 lead to near parity, while some suppliers offered discounts of 100-120 yuan/mt against the SHFE lead 2510 contract. In Hunan, branded lead smelters initially maintained discounts of 50-30 yuan/mt against SMM #1 lead for sales, but as lead prices rose and smelter inventories declined by the weekend, suppliers narrowed spot discounts to parity, with individual smelters holding back sales at premiums. Premiums in Guangdong also edged up. For secondary refined lead, smelters became more willing to sell as lead prices strengthened, but maintenance at secondary refined lead smelters had not yet resumed, limiting available spot supply. Downstream enterprises prioritized purchasing primary lead, with secondary refined lead serving only as a supplement.