Spot Lead Prices First Declined Then Rose, Smelters Held Prices Firm While Downstream Buyers Remained on the Sidelines [SMM Refined Lead Spot Market Weekly Review]

Spot market, this week (May 18–22, 2026), spot lead prices were in the doldrums from the beginning to mid-week, with the price center continuing to shift downward. Spot lead prices fluctuated higher in the latter half of mid-week. Downstream buyers mainly made just-in-time procurement and digested existing inventories, and overall spot trading activity was moderate.

Regional side, Henan smelters primarily fulfilled long-term contracts, with spot quotation ranges fluctuating and futures discount ranges gradually narrowing. In Hunan, willingness to sell among market participants diverged, with spot orders largely trading at parity with the average price and only sporadic just-in-time procurement transactions. Smelters in Jiangxi and Anhui quoted at premiums of +120-150 yuan/mt ex-works against the SMM #1 lead average price, with some cargoes seeing moderate transactions. Guangdong smelters previously quoted at premiums mostly in the 150-200 yuan/mt range, but due to insufficient finished product inventories, their overall willingness to sell remained cautious.