In the spot market, during the week (September 29, 2025 - October 10, 2025) preceding the dual holidays, trading activity was sluggish, with smelters primarily focused on presales, overselling, or scheduled shipments under long-term contracts. Post-holiday inventory accumulation at smelters was relatively limited. On the first trading day after the holiday, the spot-futures price spread widened, and suppliers of branded lead became reluctant to sell, holding out for higher premiums. In Henan post-holiday, suppliers quoted premiums of 20-30 yuan/mt against the SMM #1 lead average price, with a small volume of transactions concluded at discounts of 120-130 yuan/mt against the SHFE lead 2511 contract. In Hunan, aside from a few branded lead smelters holding out for premiums of 50-100 yuan/mt and refusing to budge on prices, other smelters offered modest premiums of 20-50 yuan/mt. For secondary refined lead, after futures prices strengthened post-holiday, some suppliers adopted a bullish stance, holding out for higher prices and refusing to sell. Downstream battery manufacturers primarily focused on digesting pre-holiday inventory and long-term contracts post-holiday. Purchase willingness among downstream battery producers was generally subdued, resulting in an overall quiet market.
