Lead Prices Surge Above 16,000, Supply Tightening Supports Spot Premiums [SMM Refined Lead Spot Market Weekly Review]

This week (from August 24 to August 28, 2026), the SMM #1 lead weekly average price was 15,970 yuan/mt, up 230 yuan/mt WoW. The weekly gain further expanded, and the overall price center continued to move higher. As maintenance at primary lead smelters increased, available supply in the spot market tightened somewhat; suppliers generally sold at premiums, with primary lead offers from mainstream production areas quoted at premiums of 0~50 yuan/mt against the SMM #1 lead average price, ex-works. In the secondary lead market, smelters gradually resumed production, but available supply remained relatively limited. The spread between secondary refined lead and primary lead held at 100-150 yuan/mt, and spreads in mainstream production areas had not yet widened significantly.

Meanwhile, as the SHFE/LME lead price ratio widened, the lead ingot import window opened, and imported lead offers gradually increased and their discounts widened. Among them, quotes for imported lead (pb99.97%) against the SHFE lead 2610 contract widened from a discount of 400 yuan/mt last week to a discount of 500 yuan/mt, exerting some impact on the domestic spot market and temporarily disrupting the pace of lead price increases. However, given quality issues with imported lead, most imported lead could not be directly used in production by domestic lead-acid battery enterprises, so its actual impact on the domestic spot market was relatively limited, and lead prices continued to show strong performance. By Friday, spot lead successfully broke above the 16,000 yuan/mt mark. As prices continued to climb, downstream enterprises' fear of high prices and wait-and-see sentiment intensified, buying interest declined, and spot market trading weakened.