Secondary Lead: Bull-Bear Divergence Intensifies, Upstream Holds Prices Firm While Downstream Hopes for Declines, Stalemate [SMM Lead Daily Review]

Published: Sep 1, 2026 13:23

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SMM, September 1:

Today, the secondary refined lead market saw widening divergence between bulls and bears. Upstream players suggested a price decline of 0-75 yuan/mt from the online price (with a few suggesting an increase), while downstream players suggested a downward adjustment of 75-150 yuan/mt (expecting to buy the dip). Upstream smelters showed strong willingness to hold prices firm, with some producers having no spot orders available for sale and refusing to accept price cuts. The market spot-futures price spread diverged, with both discounts and premiums quoted. Overall transactions were mediocre, and the market remained in a deadlock. Today, the SMM secondary refined lead average price was 15,975 yuan/mt, a discount of 75 yuan/mt to the SMM #1 lead average price. Supplier selling sentiment was 2.54, and today's secondary refined lead purchasing sentiment was 2.14 (historical data can be queried in the database).

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