Lead prices were in the doldrums this week as downstream consumers gradually went on holiday and consumption weakened [SMM Refined Lead Spot Market Weekly Review].

In the spot market this week (February 02-February 06, 2026), influenced by factors such as the Chinese New Year holiday, including early closures and subsequent resumption of operations at lead-acid battery enterprises, the lead spot market gradually turned sluggish, as pre-holiday stockpiling had already concluded. In Henan, suppliers' offers for SHFE lead 2603 contract narrowed the discount to 230-200 yuan/mt, as production cuts due to maintenance at primary lead smelters, along with a slowdown in the growth of in-factory inventory in Hunan and Yunnan, led smelters in Hunan to hold prices firm, with cargoes self-picked up from production site switching to a premium of 20-50 yuan/mt against the SMM #1 lead average price. Downstream consumption in the refined lead market overall performed sluggishly; aside from a few downstream enterprises restocking at low prices before the holiday, most battery enterprises had largely completed their pre-holiday procurement plans and were preparing for production halts during the Chinese New Year holiday. Trading in the spot market was thin this week, and market transactions were expected to remain sluggish.