Lead Prices Recovered Recent-Month Losses, Upstream and Downstream Trading Sentiment Diverged [SMM Refined Lead Spot Market Weekly Review]

In the spot market, during the week (from August 10 to August 14, 2026), the weekly average price of SMM #1 lead was 15,675 yuan/mt, up 250 yuan/mt WoW, recovering losses over the past month and shifting the overall price center higher. In the first half of the week, lead prices continued to rise. Lead smelters and traders were highly willing to sell, leaving market supply relatively ample. Primary lead quotes from mainstream producing regions were at discounts of 50-0 yuan/mt against the SMM #1 lead average price. Meanwhile, secondary lead enterprises sold more actively, and discounts on secondary refined lead quotes widened to 150-100 yuan/mt. Downstream enterprises, however, were wary of high prices amid the sustained lead price rise and stayed on the sidelines, while spot market transaction activity was moderate, with only some regions showing acceptable trading.

In the second half of the week, lead prices shot up before pulling back, and trading sentiment between upstream and downstream enterprises diverged. Some suppliers, affected by the price pullback, became more reluctant to sell at low prices, and quote discounts narrowed gradually, which was particularly evident in the secondary lead segment. Downstream enterprises mainly restocked to cover essential demand; as lead prices pulled back, their buying interest improved, and market transactions improved compared with the first half of the week.