Downstream enterprises primarily focused on digesting pre-holiday inventory after the holiday, with trading activity in the spot market remaining subdued. [SMM Weekly Review of the Refined Lead Spot Market]

In the spot market this week (February 23-27, 2026), post-holiday refined lead spot market inventories increased as expected. Downstream enterprises gradually resumed operations but showed low enthusiasm for procurement and stockpiling, focusing mainly on long-term contract cargo pick-up or digesting pre-holiday stockpiles. Spot order transactions were generally weak. During the Chinese New Year holiday, most smelters in Hunan underwent maintenance and production cuts, with some producers not yet returning to full capacity this week, leading to tight refined lead supply in certain areas. Suppliers mainly quoted at premiums of 20-30 yuan/mt against the SMM #1 lead average price and were reluctant to sell. In Henan, refined lead supply remained stable; after post-holiday inventory accumulation, stocks were gradually transferred to social warehouses. Suppliers maintained quotations at discounts of 200-150 yuan/mt against the SHFE lead 2603 contract, but transactions at high prices were difficult. Approaching the weekend, some suppliers lowered their discount quotations to facilitate shipments. This week, enterprises across the lead industry chain had not fully resumed operations. Spot market transactions improved slightly compared to pre-holiday levels. After lead consumption recovers in March, the lead market is expected to see increases in both supply and demand.