Lead prices in the doldrums, partial areas see slight reduction in primary lead premiums [SMM Refined Lead Spot Market Weekly Review]

In the spot market this week (December 8-12, 2025), lead prices were in the doldrums. Spot supply increased slightly WoW. In Henan, suppliers quoted #1 lead at a slight discount or parity, with some offering a discount of 60-100 yuan/mt against the SHFE lead 2601 contract. In Hunan, smelter inventory fell again. Except for a few traders selling at a small discount in the first half of the week, smelters generally maintained a premium of 30 yuan/mt against the SMM #1 lead average price. For secondary refined lead, mainstream discount prices remained stable WoW, still quoted at a discount of 50-0 yuan/mt against the SMM #1 lead average price. Discounts for large-discount supply narrowed slightly in some regions. Downstream maintained just-in-time procurement, and spot order transactions remained sluggish in the spot market.