Secondary Lead: Upstream Holds Back from Selling, Spot Orders Scarce; Some Producers Have No Goods to Quote [SMM Lead Daily Review]

Published: Sep 22, 2026 14:32 (GMT+8)

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SMM, September 22:

Today, most secondary refined lead suppliers recommended raising online prices by 25-75 yuan/mt. Upstream sellers held back from selling, spot orders were scarce, and some producers had no cargo to offer. Spot-futures price spreads diverged, with shipments at a discount of 75 yuan/mt coexisting with parity shipments. Downstream pre-holiday procurement wound down, with some producers indicating a target price of 16,100 yuan/mt and only suggesting a 25 yuan increase, showing limited willingness to chase higher prices, leaving the market in a stalemate. Today, the SMM secondary refined lead average price was 16,250 yuan/mt, a discount of 75 yuan/mt to the SMM #1 lead average price. Supplier selling sentiment was 2.56, and secondary refined lead purchasing sentiment today was 1.96 (historical data can be queried in the database).

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