Lead Prices Stop Falling and Rebound, Downstream Maintains Just-in-Time Procurement with Light Trading Volume [SMM Refined Lead Spot Market Weekly Review]

Spot market, lead prices stopped falling and rebounded to hold firm at the 17,000 yuan/mt level this week (December 1-5, 2025). Affected by maintenance at primary lead and secondary refined lead smelters, suppliers in some regions held prices firm and were reluctant to sell. In Henan, suppliers quoted #1 lead at a premium of 0-50 yuan/mt against the SMM average price or at a discount of 70-80 yuan/mt against the SHFE lead 2601 contract. Approaching the weekend, smelter inventories in Hunan accumulated slightly, and premiums for #1 lead against the SMM average price were lowered to 30-50 yuan/mt. Some traders reported transactions for cargoes self-picked up from production sites in Hunan at parity with the SMM #1 lead price. For secondary refined lead, although profits recovered, suppliers' quotations remained relatively firm. Some spot orders were quoted at a discount of 50-0 yuan/mt against the SMM #1 lead price. Downstream procurement still leaned toward primary lead supply, with some manufacturers picking up goods from nearby warehouses. Trading in the spot market remained relatively thin.