Lead Prices Fell First Then Rose, Continuing Sideways Movement, with Spot Supply Slightly Tightened in Some Regions [SMM Weekly Review of the Refined Lead Spot Market]

In the spot market this week (October 13-17, 2025), supply from primary lead smelters in some regions declined, and spot supply became slightly tight towards the weekend, with some suppliers offering pre-sale quotes. In Henan, suppliers maintained a premium of 20-30 yuan/mt for SMM #1 lead, and some traders offered pre-sale quotes at a discount of 110 yuan/mt against the SHFE lead 2511 contract towards the weekend. In Hunan, smelters quoted a premium of 0-30 yuan/mt for SMM #1 lead, while some producers suspended offers due to maintenance or long-term contract supply commitments, and spot availability gradually tightened towards the weekend. For secondary refined lead, production recovered slowly this week, but supply was still dominated by long-term contracts, with spot orders remaining insufficient. Downstream users restocked based on rigid demand, transactions were average, and market activity was low.