Group 1 - The lead futures market showed a slight decline, with the main contract closing at 17,075.00 CNY/ton, down 0.09% [1] - There is no expectation of an increase in lead concentrate imports, and while processing fees are likely to rise, they have not significantly impacted smelter operations [1] - The operating rate of primary lead smelters is slightly fluctuating due to maintenance schedules, while the operating rate for recycled lead smelters is below 30% due to raw material and loss factors [1] Group 2 - The demand for lead, primarily from lead-acid batteries, remains stable, with expectations for growth during the traditional consumption peak season [1] - Current market conditions show that while there is a slight improvement in the atmosphere for purchasing at lower prices, overall demand is still in a slow recovery phase without explosive growth [1] - As of September 25, 2025, the national social inventory of lead ingots was 42,200 tons, a decrease of 8,900 tons from September 22 [1] Group 3 - The recovery of supply from downstream smelters is expected to coincide with a decrease in demand, leading to potential adjustment risks for lead prices after a period of high volatility [2] - The significant drop in social inventory to a four-month low is providing support for lead prices, driven by slow recovery in the re-smelting sector and pre-holiday stocking [2]