Lead Prices First Fell Then Rose, Primary Lead Inventory Declined and Spot Premiums Increased [SMM Refined Lead Spot Market Weekly Review]

In the spot market this week (October 20-24, 2025), multiple regional primary lead smelters suspended offers after depleting their inventories, coupled with incomplete supply recovery at some smelters, leading to tight availability of primary lead in the spot market. At the beginning of the week, suppliers in Henan quoted #1 lead at a premium of 50-100 yuan/mt over SMM #1 lead. Approaching the weekend, smelter inventories declined, and some producers offered pre-sale prices. In Hunan, smelters quoted #1 lead at a premium of 100 yuan/mt over SMM #1 lead. Due to concentrated cargo pick-up under long-term contracts by downstream buyers, some producers prioritized securing long-term contract supply and suspended spot order offers, resulting in relatively tight market availability. For secondary refined lead, mainstream spot order prices were at discounts ranging from a reduction of 100-0 yuan/mt against the SMM #1 lead average price. Nearing month-end and amid a significant lead price increase, downstream battery producers' purchase willingness for spot orders of refined lead declined, with most preferring to wait for next month's long-term contract cargo pick-up.