Secondary Lead: Downstream Enterprises Restocked Heavily in the Previous Two Trading Sessions, Purchase Willingness Declined Significantly Today [SMM Lead Midday Review]

Published: Dec 5, 2025 11:53

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SMM December 5 News:

The SMM #1 lead average price increased by 75 yuan/mt from the previous day to 17,175 yuan/mt today. Spot orders for secondary refined lead were limited, with mainstream tax-inclusive ex-works quotations against the SMM #1 lead average price maintaining discounts of 50-0 yuan/mt. Individual quotations in central and south-west China were at discounts of 125 yuan/mt. Tax-exclusive ex-works quotations for refined lead were 15,900-16,000 yuan/mt. Lead prices rose for several consecutive days, and downstream enterprises showed high purchasing enthusiasm in the latter half of the week. However, due to the significant increase today and substantial restocking by downstream enterprises in the previous two trading days, purchasing willingness declined noticeably today. The purchasing sentiment for secondary refined lead was 0.93 today, while the selling sentiment was 1.75. (Historical data can be queried in the database.)

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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