In the spot market this week (November 3-7, 2025), refined lead supply gradually recovered, but price quotes varied significantly across regions. In Henan and other areas, transportation was temporarily restricted due to smog. At the beginning of the week, suppliers in Henan quoted a premium of 50 yuan/mt against the SMM #1 lead or a discount of 120 yuan/mt against the SHFE lead 2512 contract. By the end of the week, the discount widened to 150-170 yuan/mt against the SHFE lead 2512 contract, with some small plants selling lead ingots at a slight discount to the SMM #1 lead average price. In Hunan, inventories at several smelters were sold out, and amid tight spot supply, suppliers switched to quoting a premium of 50-75 yuan/mt against the SMM #1 lead. For secondary refined lead, as supply recovered, market transactions improved slightly. The mainstream spot order discount remained at 50-0 yuan/mt against the SMM #1 lead average price. Downstream battery makers mainly picked up goods under long-term contracts, with a small amount of stockpiling at low prices.
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