SMM #1 Lead Price Rose Then Fell, Battery Makers' Rigid Demand Offered Limited Support, Trading Was Mediocre [SMM Refined Lead Spot Market Weekly Review]

This week (May 25-29, 2026), SMM #1 lead prices generally rose first and then declined. Downstream enterprises maintained cautious purchasing sentiment overall, with rigid demand dominating and insufficient purchase willingness at high prices. The spot market saw generally weak trading activity.

Regionally, smelters in Henan initially offered firm quotes at a premium of 50-75 yuan/mt ex-factory. As lead prices pulled back during the week, premiums were gradually lowered to 25-50 yuan/mt. Traders showed significant divergence in quotes, with discounts against the SHFE lead 2607 contract gradually narrowing from 200-150 yuan/mt to 170-120 yuan/mt. In Hunan, smelter spot order premiums remained stable at 0-30 yuan/mt during the week, with some rigid demand transactions concluded near parity, and smelter shipments enthusiasm improved slightly. Smelters in Jiangxi and Anhui consistently offered firm quotes at a premium of 120-150 yuan/mt against the SMM #1 lead average price, with the elevated premium pattern remaining unchanged. Overall, downstream enterprises mainly purchased as needed on dips, and the market showed mediocre performance in transactions throughout the week.