Lead Prices Held Firm Above the 17,000 Yuan Mark This Week, While Spot Market Inventories Accumulated and Discounts Widened [SMM Refined Lead Spot Market Weekly Review]

In the spot market this week (January 19-23, 2026), the macro-driven bullish sentiment faded, and the lead market gradually returned to fundamentals after the bullish atmosphere eased. Smelter inventory destocking was limited this week, and some suppliers expanded discounts to sell and alleviate inventory pressure. Suppliers in Henan and Hunan offered spot discounts of 50-0 yuan/mt against the SMM #1 lead average price, while some suppliers widened discounts to 180-200 yuan/mt against the SHFE lead 2602 contract, but trading remained thin. Approaching the weekend, spot discounts narrowed slightly as some smelters completed destocking after maintenance and production cuts. Heavy snow in Henan caused delays in spot deliveries during the week, but logistics issues eased after the weather cleared on Thursday. Although pre-Chinese New Year stockpiling slightly improved purchasing enthusiasm among some downstream enterprises compared to last week, downstream consumption in the lead market remained generally weak.