Spot market, this week (April 20–24, 2026), lead prices first rose then fell with the center pulling back. Downstream was in the off-season, maintaining only just-in-time procurement with insufficient purchase willingness at high prices, and spot order trading was overall sluggish. Regionally, Henan smelters mostly delivered via long-term contracts, with spot orders at a premium of 0-50 yuan/mt against the SMM #1 lead average price, traders at a discount of 130-150 yuan/mt against the SHFE lead contract, and limited just-in-time procurement transactions. In Hunan, spot order quotes were at a premium of 0-50 yuan/mt, traders at a futures discount of 150-180 yuan/mt, and market transactions were weak. Jiangxi smelters maintained firm quotes at a premium of 120-150 yuan/mt against the SMM #1 lead average price, with moderate just-in-time procurement transactions. Guangdong smelters maintained ex-factory premiums at 50-80 yuan/mt. Overall, refined lead spot premiums across regions diverged this week. Tight supply from the smelting side supported spot quotes, while downstream purchase sentiment remained cautious. The tug-of-war between upstream and downstream intensified, spot premiums moved sideways, and overall market transactions were weak.
