Lead Prices Dipped Before Rebounding, While Spot Market Trading Turned Quiet [SMM Refined Lead Spot Market Weekly Review]

In the spot market this week (Jul. 6-10, 2026), the SMM #1 lead price first fell then rose, with the weekly average price up 50 yuan/mt WoW.

At the beginning of the week, lead prices consolidated on a subdued note. Lead smelters had high inventory and mostly sold shipments following the market. EXW primary lead cargoes were quoted at parity against the SMM #1 lead average price, and downstream enterprises gradually purchased as needed for restocking, with moderate spot trading activity. In the second half of the week, lead prices stopped falling and rebounded. Downstream purchasing enthusiasm was curbed, and market wait-and-see sentiment heightened. Lead smelters expanded discounts for shipments, with Hunan quotations against the SMM #1 lead average price at a discount of 50-30 yuan/mt, EXW. For secondary refined lead, smelters had considerable production suspensions and cuts, with strong sentiment of holding back from selling at low prices. Secondary refined lead quotations against the SMM #1 lead average price were at premiums of 0-50 yuan/mt. In the second half of the week, as lead prices rebounded, secondary lead smelters sold less at premiums, and transactions at a 50 yuan/mt discount emerged, with market trading also weakening.