Secondary Refined Lead Supply Prices Remained Firm, Primary Lead Took Over Downstream Demand [SMM Refined Lead Spot Market Weekly Review]

In the spot market, this week (March 22, 2026-March 26, 2026), downstream battery enterprises gradually purchased and stockpiled to maintain normal operating rates. This week, mainstream transaction prices for primary lead in Henan were quoted at slight premiums to the SMM #1 lead average price, while supply in Hunan and Guangdong was relatively tight, with smelters and suppliers quoting premiums of 30-50 yuan/mt over SMM #1 lead, and transactions were concluded on rigid demand. This week, as secondary refined lead prices remained firm and the market sentiment of holding back sales and wait-and-see did not ease, downstream rigid-demand procurement was taken over by primary lead, and spot inquiries and transactions in the primary lead market were relatively active this week.