Lead Prices Edged Up This Week, Downstream Consumption Remained Sluggish With Strong Wait-and-See Sentiment [SMM Refined Lead Spot Market Weekly Review]

In the spot market this week (January 12-16, 2026), the bullish macro sentiment continued to support lead prices. However, downstream consumption in the lead market remained sluggish, and after a slight accumulation of smelter inventories, spot premiums declined WoW. In Henan and Hunan, suppliers offered discounts of 50-0 yuan/mt against the SMM #1 lead price. Due to weekly delivery and an expanding spread between futures and spot prices, some suppliers widened their discounts to 180-200 yuan/mt against the SHFE lead 2602 contract, but trading activity was weak. Approaching the weekend, multiple smelters reported inventory accumulation, downstream buyers were cautious about falling prices and made purchases prudently, stockpiling enthusiasm waned, and spot order transactions in the spot market remained thin.