Supply Recovery Weighs on Lead Prices in the Doldrums, Spot Market Premiums Lowered [SMM Refined Lead Spot Market Weekly Review]

In the spot market this week (October 27, 2025 - October 31, 2025), the tight supply of primary lead eased as the availability of primary lead from primary lead smelters increased WoW. In Henan, suppliers initially quoted a premium of 50 yuan/mt against SMM #1 lead or a discount of 110 yuan/mt against the SHFE lead 2512 contract. By the weekend, these quotes were adjusted to a discount of 150 yuan/mt against the SHFE lead 2512 contract. In Hunan, smelters lowered the premium against SMM #1 lead to a range of 0-50 yuan/mt. As availability gradually increased towards the weekend, some suppliers in the region began selling SMM #1 lead at a slight discount. For secondary refined lead, although availability remained limited, suppliers maintained a stable selling attitude, with major spot order transaction prices holding within a range of the SMM #1 lead average price minus 50 to 0 yuan/mt. Downstream battery enterprises made purchases based on rigid demand but overall exhibited a strong wait-and-see sentiment.