"China's Q1 2026 Refined Lead, Lead Alloy Imports Jump 285.95% YoY, Reaching 130,799 mt"

[SMM Lead Morning Brief: LME Lead Inventory Destocking, LME Lead Hit a New High for Nearly One and a Half Months Again] SMM April 21: Overnight, LME lead opened at $1,958/mt. The US dollar index pulled back after surging higher. Combined with continued destocking of lead ingots outside China, LME lead fluctuated upward throughout the day...

[SMM Lead Morning Meeting Minutes: Divergent Trading Logics in and outside China, LME Outperforms SHFE] US President Trump stated that US-Iran negotiations would take place on the 21st and that it was "almost impossible" to extend the ceasefire if no deal was reached, and that the blockade on Iran would not be lifted until a deal was reached. Recently, lead ingot inventory in markets outside China continued to decline, and spot lead premiums in Southeast Asia rose, becoming the main factors boosting lead prices...

Highlights of Future price: Market activity remains quiet during the Asian session, with LME 3M lead trading around $1963/t, up 0.03%. Prices moved in a tight range between $1945–$1965, reflecting low volatility and balanced sentiment. Trading remains rangebound as participants wait for clearer signals on supply-demand trend. Highlights of Asia lead market: Refined lead consumption remains subdued. In China, demand is weak with few spot orders and ex-works quotes around RMB 16,500/t. Across Asia, shortages of remelted lead continue to disrupt production. In Vietnam, smelters are limiting inventory buildup and focusing on long-term contracts, while imports have slowed due to high shipping costs. Long-term premiums are about $90 for 99.97 grade and $130 for 99.99 grade (over LME price).