Lead Prices in the Doldrums with Reduced Trading Volume, Holiday Atmosphere Prevails in the Spot Market [SMM Refined Lead Spot Market Weekly Review]

In the spot market this week (December 29-31, 2025), lead prices were in the doldrums. As upstream and downstream participants completed their final inventory clearance and stocktaking, market transactions noticeably slowed down. At the beginning of the week, suppliers in Henan maintained a small premium for SMM #1 lead, while those in Hunan switched to a discount of 30-50 yuan/mt for year-end clearance sales, though actual transactions were relatively limited. In Guangdong, smelters halted offers after clearing stocks with small discounts. Pre-holiday market trading volume shrank significantly, with most transaction demand postponed until after the New Year's Day holiday. Downstream buyers' enthusiasm for pre-holiday bookings declined as lead prices weakened, resulting in thin spot order transactions in the spot market.