今日现货铅市场报价16750-16940元/吨之间，据监测，ccmn长江综合1#铅价报16840-16940元/吨，均价 报16890元/吨，较前一日价格上涨50元；广东现货市场1#铅报16800-16900元/吨，均价16850元，较前一 日价格上涨50。 铜冠金源期货研报：整体来看，9月原生铅炼厂检修增多，同时再生铅炼厂受利润不佳及原料偏紧影 响，减停产增多，供应压力边际减弱，此外北方车辆管控持续，下游刚需装向消耗附近仓库货源，社会 库存延续小幅下滑，铅价小幅增仓上行。不过当前消费改善不显著，且LME高库存压力不减，短期铅 价难有持续上涨助力，仍以震荡运行判断，上方关注均线压力。 【市场资讯】 华东地区某大型再生铅冶炼企业，因设备需检修暂定9月初停产。据预测，该停产措施可能会对9月再生 铅产量造成约0.85万吨的影响。 据外媒报道，国际铅锌研究小组（ILZSG）称，2025年6月全球铅市场供应短缺500吨，5月为供应短缺 1800吨。2025年前6个月，全球供应过剩2.1万吨，而去年同期为过剩6.6万吨。 分析观点： （8月26日）全国铅价格一览表 规格 品牌/产地 报价 报价类型 交货地 交易商 品名: ...

南华铅周报 ——上下驱动不明显，震荡为主 南华有⾊⾦属研究团队 肖宇⾮ 投资咨询证号： Z0018441 林嘉玮 从业资格证号：F03145451 投资咨询业务资格： 证监许可【2011】1290号 2025年8月25日 点评 【盘面回顾】本周铅价偏弱震荡，报收在16780元每吨。国内五地铅锭库存为7.1万吨；LME库存为27.3万 吨。 【产业表现】由于铅价震荡运行，期间废旧铅酸蓄电池价格下跌幅度有限，且多数冶炼企业最终结算价格仍 按照下跌前价格执行，再生铅企业亏损区间并无收窄；截至2025年8月22日，规模再生铅企业综合盈亏理论 值为-445元/吨，中小规模再生铅企业综合盈亏理论值为-665元/吨。 【核心逻辑】本周价铅价维持震荡运行，多空持续博弈。周五夜盘受大盘带动，向上突破，但是驱动力度不 足回落。供给端，原生铅冶炼厂生产受预期需求旺季影响，生产意愿较强。再生铅由于成本支撑因素，同时 原料废电瓶依旧较为稀缺，再生铅冶炼端仍处亏损状态，挺价出售，整体开工率低位维持稳定。需求端，本 周铅蓄电池开工率为71.64%，较上周有较大改善。国内库存维持震荡，LME库存维持高位。短期内，基本面 僵持，观望下游和宏观 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The overall supply of Shanghai lead continues to be flat, demand gradually increases, and combined with the market's expectation of the Fed's interest rate cut, it is recommended to go long on lead prices on dips [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai lead contract was 16,725 yuan/ton, down 100 yuan; the 3 - month LME lead quote was 1,973.5 dollars/ton, up 2.5 dollars [3]. - The price difference between the 09 - 10 contracts of Shanghai lead was - 15 yuan/ton, down 5 yuan; the trading volume of Shanghai lead was 96,382 lots, up 3,663 lots [3]. - The net position of the top 20 in Shanghai lead was - 1,384 lots, down 433 lots; the warehouse receipts of Shanghai lead were 60,903 tons, down 450 tons [3]. - The inventory of the Shanghai Futures Exchange was 64,844 tons, up 2,510 tons; the LME lead inventory was 282,950 tons, up 22,475 tons [3]. 3.2 Spot Market - The spot price of 1 lead on the Shanghai Non - ferrous Metals Network was 16,600 yuan/ton, down 75 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Metals Market was 16,770 yuan/ton, down 120 yuan [3]. - The basis of the lead main contract was - 125 yuan/ton, up 25 yuan; the LME lead premium (0 - 3) was - 41.8 dollars/ton, up 2.2 dollars [3]. 3.3 Upstream Situation - The average operating rate of primary lead was 73.25%, down 2.4 percentage points; the weekly output of primary lead was 35,300 tons, up 1,500 tons [3]. - The processing fee of 60% lead concentrate at major ports was - 70 dollars/thousand tons, down 10 dollars; the global lead ore output was 399,700 tons, down 3,700 tons [3]. - The import volume of lead ore was 119,700 tons, up 24,800 tons; the domestic average processing fee of lead concentrate to the factory was 540 yuan/ton, unchanged [3]. 3.4 Industry Situation - The import volume of refined lead was 815.37 tons, down 1,021.76 tons; the export volume of refined lead was 2,109.62 tons, up 223.33 tons [3]. - The average market price of waste batteries was 10,108.93 yuan/ton, unchanged; the export volume of batteries was 41.45 million, down 425,000 [3]. 3.5 Downstream Situation - The Shenwan industry index of batteries and other power sources was 2,041.35 points, up 21.34 points; the monthly output of automobiles was 2.51 million, down 298,600 [3]. - The monthly output of new energy vehicles was 1.647 million, up 73,000 [3]. 3.6 Industry News - US Treasury Secretary Bessent will start meeting with 11 candidates for the Fed Chairman around September 1st; India's arbitrage through Russian oil is unacceptable [3]. - Fed Vice - Chair for Supervision Bowman suggested allowing Fed staff to hold a small amount of cryptocurrencies [3]. - US Commerce Secretary Luttner confirmed that the government is seeking to acquire a 10% stake in Intel; SoftBank Group invested $2 billion in Intel [3]. - The White House is considering hosting a Russia - Ukraine leaders' summit in Hungary [3]. - The US and Europe will immediately start providing security guarantees for Ukraine; Trump has ruled out sending ground troops to Ukraine but said air support is an option [3]. 3.7 Viewpoint Summary - The production of some primary lead smelters has been adjusted due to price fluctuations, but the output still fluctuates slightly; the supply of secondary lead shows regional differences, and the overall supply is tight [3]. - The demand for lead is mainly concentrated in the lead - acid battery field. Although approaching the traditional peak consumption season, the actual demand has not increased significantly and is still in a slow recovery stage [3]. - Inventory has shown a slight downward trend recently, and although the demand has not effectively reduced inventory, it is expected to gradually strengthen and support lead prices [3].

新能源及有色金属日报 | 2025-08-19 目前铅品种呈现明显供需两弱格局，旺季需求在蓄电池中并无明显体现，不过近期在宏观因素作用下有色板块整 体相对偏强，故目前铅价预计仍将在16,350至17,050间波动。 风险 下游维持刚需采购 铅价偏弱震荡 市场要闻与重要数据 现货方面：2025-08-18，LME铅现货升水为-43.24美元/吨。SMM1#铅锭现货价较前一交易日变化-25元/吨至16675 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至-25.00元/吨，SMM广东铅现货较前一交易日变化-25元/ 吨至16750元/吨，SMM河南铅现货较前一交易日变化0元/吨至16675元/吨，SMM天津铅现货升贴水较前一交易日 变化0元/吨至16700元/吨。铅精废价差较前一交易日变化0元/吨至0元/吨，废电动车电池较前一交易日变化0元/吨 至10175元/吨，废白壳较前一交易日变化0元/吨至10150元/吨，废黑壳较前一交易日变化-25元/吨至10475元/吨。 期货方面：2025-08-18，沪铅主力合约开于16810元/吨，收于16775元/吨，较前一交易日变化-75元/吨，全天交易日 成交 ...

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Market expectations for the Fed's interest rate cuts are inconsistent, and market risk appetite lacks sustainability. The fundamentals continue to show a pattern of a slight increase in supply but lower-than-expected demand. High inventory levels put pressure on lead prices, while the relatively stable supply-demand gap at the cost end provides support. There are few new contradictions in the short term, and lead prices are expected to fluctuate within a narrow range, with the integer resistance level above remaining effective [4][9]. 3. Summary by Section Transaction Data | Contract | 8/8 | 8/15 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Lead | 16,845 | 16,850 | 5 | Yuan/ton | | LME Lead | 2,003.5 | 1,981 | -22.5 | US dollars/ton | | SHFE - LME Ratio | 8.41 | 8.51 | 0.10 | - | | SHFE Inventory | 62,334 | 64,844 | 2,510 | Tons | | LME Inventory | 268,375 | 261,100 | -7,275 | Tons | | Social Inventory | 3.59 | 3.94 | 0.35 | Ten thousand tons | | Spot Premium | -150 | -155 | -5 | Yuan/ton | [5] Market Review - The price of the main SHFE lead contract PB2509 declined under pressure last week. The price rebounded but was blocked by the integer resistance level and then fell, closing at 16,850 yuan/ton, with a weekly increase of 0.03%. LME lead first rose and then fell, closing at 1,981 US dollars/ton, with a weekly decline of 1.12% [6]. - In the spot market, as of August 15, the price of lead in the Shanghai and Jiangsu - Zhejiang markets showed a downward trend. The inventory of LME decreased, while the SHFE inventory and social inventory increased. The delivery of the current - month contract led to an increase in inventory [7]. Industry News - As of August 15, the average domestic lead concentrate processing fee remained unchanged, while the average import ore processing fee decreased by 15 US dollars/ton compared to the previous period [10]. - Some lead - smelting enterprises in Henan may face air - quality environmental protection emergency control from August 26 to September 3, which may restrict vehicle transportation [10]. Related Charts The report provides multiple charts, including SHFE and LME lead prices, SHFE - LME ratios, inventory levels, lead price premiums and discounts, price differences between primary and secondary lead, waste battery prices, secondary lead enterprise profits, lead ore processing fees, electrolytic lead and secondary refined lead production, lead ingot social inventory, and refined lead import profit and loss [12][13][15][18][19][21][23][25].

Report Industry Investment Rating No relevant content provided. Core Views - The lead market shows a situation of poor consumption and high finished - product inventory. The primary lead ore inventory remains tight with processing fees declining rapidly. The primary lead smelting profit is good, and the primary lead operating rate has increased again. The recycled lead raw materials are in short supply, and the recycled lead operating rate has slightly declined. The battery operating rate of lead - acid battery enterprises is weaker than that of the same period in previous years. The finished - product inventory of lead - acid batteries is at a historical high, and the terminal consumption pressure is large. The social inventory of lead ingots maintains a slow accumulation trend. The overall supply and demand of the industry are weak, and it is expected that lead prices will mainly operate weakly [11]. Summary According to the Directory 1. Weekly Assessment - **Price Review**: Last Friday, the Shanghai Lead Index closed up 0.43% at 16,849 yuan/ton with a total unilateral trading position of 99,300 lots. As of 15:00 on Friday afternoon, LME Lead 3S rose 4 to $1,987.5/ton with a total position of 154,500 lots. The average price of SMM 1 lead ingots was 16,700 yuan/ton, the average price of recycled refined lead was 16,725 yuan/ton, the refined - scrap price difference was - 25 yuan/ton, and the average price of waste electric vehicle batteries was 10,175 yuan/ton [11]. - **Domestic Structure**: Domestic social inventory slightly increased to 66,800 tons. The Shanghai Futures Exchange lead ingot futures inventory was 61,800 tons, the domestic primary basis was - 60 yuan/ton, and the spread between continuous contracts and the first - continuous contract was - 90 yuan/ton. **Overseas Structure**: LME lead ingot inventory was 261,700 tons, and LME lead ingot cancelled warrants were 57,600 tons. The foreign cash - 3S contract basis was - $40.87/ton, and the 3 - 15 spread was - $64.3/ton. **Cross - market Structure**: After exchange rate adjustment, the on - screen Shanghai - London price ratio was 1.18, and the lead ingot import profit and loss was - 579.41 yuan/ton [11]. - **Industry Data**: At the primary end, the lead concentrate port inventory was 32,000 tons, and the factory inventory was 401,000 tons, equivalent to 25.6 days. The lead concentrate import TC was - 80 dollars/dry ton, and the domestic lead concentrate TC was 500 yuan/metal ton. The primary operating rate was 68.07%, and the primary ingot factory inventory was 8,000 tons. At the recycled end, the recycled lead waste inventory was 74,000 tons, the weekly output of recycled lead ingots was 35,000 tons, and the recycled ingot factory inventory was 17,000 tons. At the demand end, the lead - acid battery operating rate was 67.30% [11]. - **Industry Information**: Some smelting enterprises in Henan received a notice from relevant departments that the Ministry of Ecology and Environment is expected to launch air - quality environmental protection emergency control from August 26 to September 3 according to air - quality conditions, which may restrict the transportation of some vehicles [11]. 2. Primary Supply - **Imports**: In June 2025, the net import of lead concentrate was 118,000 physical tons, a year - on - year change of 31.7% and a month - on - month change of 13.6%. From January to June, the cumulative net import of lead concentrate was 669,400 physical tons, a cumulative year - on - year change of 37.6%. In June 2025, the net import of silver concentrate was 126,000 physical tons, a year - on - year change of - 1.2% and a month - on - month change of - 7.5%. From January to June, the cumulative net import of silver concentrate was 847,500 physical tons, a cumulative year - on - year change of 2.6% [15]. - **Production**: In July 2025, China's lead concentrate production was 154,600 metal tons, a year - on - year change of 3.69% and a month - on - month change of 0.98%. From January to July, the total lead concentrate production was 941,600 metal tons, a cumulative year - on - year change of 11.41%. In June 2025, the net import of lead - containing ore was 121,200 metal tons, a year - on - year change of 15.7% and a month - on - month change of 3.8%. From January to June, the cumulative net import of lead - containing ore was 740,700 metal tons, a cumulative year - on - year change of 19.0% [17]. - **Total Supply**: In June 2025, China's total lead concentrate supply was 274,300 metal tons, a year - on - year change of 15.3% and a month - on - month change of 3.1%. From January to June, the cumulative lead concentrate supply was 1,527,700 metal tons, a cumulative year - on - year change of 15.9%. In May 2025, the global lead ore production was 382,800 tons, a year - on - year change of - 0.1% and a month - on - month change of 1.5%. From January to May, the total lead ore production was 1,863,800 tons, a cumulative year - on - year change of 5.5% [19]. - **Inventory**: At the primary end, the lead concentrate port inventory was 32,000 tons, and the factory inventory was 401,000 tons, equivalent to 25.6 days [21]. - **Operating Rate and Output**: The primary operating rate was 68.07%, and the primary ingot factory inventory was 8,000 tons. In July 2025, China's primary lead production was 321,700 tons, a year - on - year change of 4.79% and a month - on - month change of - 2.1%. From January to July, the total primary lead ingot production was 2,206,400 tons, a cumulative year - on - year change of 8.51% [26]. 3. Recycled Supply - **Raw Materials and Weekly Output**: At the recycled end, the recycled lead waste inventory was 74,000 tons. The weekly output of recycled lead ingots was 35,000 tons, and the recycled ingot factory inventory was 17,000 tons. In July 2025, China's recycled lead production was 317,900 tons, a year - on - year change of 3.11% and a month - on - month change of 10.92%. From January to July, the total recycled lead ingot production was 2,251,600 tons, a cumulative year - on - year change of 0.37% [31][33]. - **Imports and Total Supply**: In June 2025, the net export of lead ingots was - 7,200 tons, a year - on - year change of 43.5% and a month - on - month change of - 22.1%. From January to June, the cumulative net export of lead ingots was - 43,900 tons, a cumulative year - on - year change of 448.2%. In June 2025, the total domestic lead ingot supply was 622,400 tons, a year - on - year change of 0.5% and a month - on - month change of 0.3%. From January to June, the cumulative domestic lead ingot supply was 3,862,300 tons, a cumulative year - on - year change of 5.3% [35]. 4. Demand Analysis - **Battery Operating Rate and Apparent Demand**: At the demand end, the lead - acid battery operating rate was 67.30%. In June 2025, the domestic apparent demand for lead ingots was 624,900 tons, a year - on - year change of 0.0% and a month - on - month change of 4.5%. From January to June, the cumulative domestic apparent demand for lead ingots was 3,826,600 tons, a cumulative year - on - year change of 3.5% [38]. - **Battery Exports**: In June 2025, the net export volume of batteries was 18.2585 million pieces, and the net export weight of batteries was 99,200 tons. It was estimated that the net export of lead in batteries was 62,000 tons, a year - on - year change of - 16.9% and a month - on - month change of - 5.0%. From January to June, the total net export of lead in batteries was 366,300 tons, and the cumulative net export of lead in batteries had a year - on - year change of - 3.1% [41]. - **Downstream Inventory**: In July 2025, the finished - product inventory days of lead - acid battery enterprises decreased from 26 days to 21.8 days, and the inventory days of lead - acid batteries of dealers increased from 39.9 days to 44.6 days [44]. - **Terminal Demand**: In the two - wheeled vehicle sector, although the decline in electric bicycle production directly dragged down the new - installation demand, the continuous growth of delivery scenarios such as express delivery and takeaway drove the improvement of the new - installation consumption of electric two - and three - wheeled vehicles. In the automobile sector, the contribution of lead demand is expected to maintain stable growth. Although new - energy vehicles use lithium - iron - phosphate starting batteries, the high stock of existing vehicles still provides support for lead consumption. In the base - station sector, the increasing number of communication base stations and 5G base stations drives the steady increase in the demand for lead - acid batteries [48][50][53]. 5. Supply - Demand Inventory - **Domestic Balance**: In June 2025, the domestic supply - demand gap of lead ingots was a shortage of 35,700 tons. From January to June, the cumulative domestic supply - demand gap of lead ingots was a surplus of 0 tons [62]. - **Overseas Balance**: In May 2025, the overseas refined lead supply - demand gap was a shortage of - 21,400 tons. From January to May, the cumulative overseas refined lead supply - demand gap was a shortage of - 35,700 tons [65]. 6. Price Outlook - **Domestic Structure**: Domestic social inventory slightly increased to 66,800 tons. The Shanghai Futures Exchange lead ingot futures inventory was 61,800 tons, the domestic primary basis was - 60 yuan/ton, and the spread between continuous contracts and the first - continuous contract was - 90 yuan/ton [70]. - **Overseas Structure**: LME lead ingot inventory was 261,700 tons, and LME lead ingot cancelled warrants were 57,600 tons. The foreign cash - 3S contract basis was - $40.87/ton, and the 3 - 15 spread was - $64.3/ton [73]. - **Cross - market Structure**: After exchange rate adjustment, the on - screen Shanghai - London price ratio was 1.18, and the lead ingot import profit and loss was - 579.41 yuan/ton [76]. - **Position Analysis**: The top 20 net positions of Shanghai Lead maintained a relatively high net short position. The net long position of investment funds in London Lead decreased, and the net short position of commercial enterprises decreased. The position perspective indicates a bearish trend [79].

Report Industry Investment Rating - Absolute price: Cautiously bullish [3] - Option strategy: Sell put options [3] Core View of the Report - The lead price may temporarily fluctuate strongly due to smelters holding back supply. After a long - term consolidation, the spot trading of lead is gradually improving, and there is a chance that the peak - season demand will be realized [1][3] Summary According to Relevant Content Market News and Important Data - **Spot**: On August 7, 2025, the LME lead spot premium was -$35.88/ton. The SMM1 lead ingot spot price rose by 25 yuan/ton to 16,750 yuan/ton. Different regional spot prices and premiums also had corresponding changes [1] - **Futures**: On August 7, 2025, the opening price of the SHFE lead main contract was 16,880 yuan/ton, and the closing price was 16,875 yuan/ton, up 20 yuan/ton. The trading volume was 32,431 lots, down 16,214 lots, and the position was 62,019 lots, down 3,000 lots. The night - session closing price rose 0.15% from the afternoon closing price [1] - **Inventory**: On August 7, 2025, the SMM lead ingot inventory was 71,000 tons, down 800 tons from last week. As of November 28, the LME lead inventory was 269,400 tons, up 800 tons from the previous trading day [2] Market Supply and Demand - Lead prices strengthened, leading to an increase in the enthusiasm of holders to sell. Some smelters held back supply and quoted firm prices, while downstream buyers were cautious and the market trading was generally light [2] Strategy - **Absolute price**: Temporarily use buy - hedging on dips, with the buying range recommended between 16,600 yuan/ton and 16,650 yuan/ton [3] - **Option strategy**: Sell put options [3]

Report Industry Investment Rating - Not provided Core View - This week, lead prices were weakly operating. The fading of the low - price involution sentiment had a certain impact. Supply increased slightly, while demand remained sluggish. In the short term, both warehouse receipts and inventories showed signs of accumulation, indicating poor demand. It is expected that the price will maintain a volatile trend. The overall view is that lead prices will mainly fluctuate [3]. Summary by Related Catalogs 1. Market Performance - This week, lead prices showed a range - bound trend, closing at 16,735 yuan per ton. The domestic lead ingot inventory in five locations was 73,000 tons, and the LME inventory was 275,300 tons [2]. 2. Industry Performance - In late July, the pb50 TC processing fee of a silver - lead mine in North China was lowered to - 500 yuan/metal ton. The silver content was about 3000 - 4000g/physical ton, and the silver pricing coefficient was 0.95. Small amounts of other minor metals such as antimony were present, and copper and zinc did not reach the starting pricing content and were not priced separately [2]. 3. Supply - side Situation - This week, there were many news about smelters resuming work and undergoing maintenance, and the impact on lead prices remains to be investigated. Primary lead smelters had a strong production willingness due to the expected peak demand season. For recycled lead, due to cost support and the scarcity of raw material waste batteries, the recycled lead smelting end was still in a loss state, with a weak willingness to start production [3]. 4. Demand - side Situation - This week, the operating rate of lead - acid batteries was 71.86%, remaining stable. Some battery enterprises had started stockpiling for the peak season, but since it was still in the transition stage, demand was still weak in the short term. Whether consumption can pick up in August remains to be seen [3].

Report Industry Investment Rating - The strength analysis of lead is neutral, with a price range of 16,800 - 17,300 yuan/ton [3] Core Viewpoints - Domestic lead supply hovers at a low level, and consumption has an improvement expectation, so the price is expected to be supported. The third - quarter supply - demand contradiction of lead will gradually emerge, forming a bottom support for the price. It is recommended to buy on dips, and there are still opportunities for cash - and - carry arbitrage in Shanghai lead [6] Summary by Related Catalogs Transaction Aspect (Price, Spread, Inventory, Funds, Transaction Volume, Open Interest) - **Price and Spread**: The closing price of SHFE lead main contract last week was 16,735 yuan, with a weekly decline of 1.30%; the closing price of the night session yesterday was 16,775 yuan, with a night - session increase of 0.24%. The closing price of LmeS - lead 3 last week was 1,977.5 dollars, with a weekly decline of 2.13%. The LME lead spread, Shanghai 1 lead spot spread, and the spread between recycled lead and primary lead all changed. The contango structure of Shanghai lead is narrowing [7] - **Inventory**: SHFE lead warehouse receipts decreased by 11 tons compared with the previous week, the total SHFE lead inventory increased by 29 tons, the social inventory increased by 1,600 tons, and the LME lead inventory increased by 9,050 tons. The cancellation ratio of LME lead was 26.84%, an increase of 0.02% compared with the previous week [7] - **Transaction Volume and Open Interest**: The trading volume of SHFE lead main contract last Friday was 47,634 lots, an increase of 871 lots compared with the previous week; the open interest was 76,338 lots, an increase of 3,011 lots compared with the previous week. The trading volume of LmeS - lead 3 was 8,929 lots, an increase of 3,574 lots; the open interest was 142,000 lots, an increase of 6,194 lots [7] Lead Supply (Lead Concentrate, Waste Batteries, Primary Lead, Recycled Lead) - **Lead Concentrate**: The domestic lead concentrate production, import volume, and consumption volume are presented in the historical data. The import TC of lead concentrate is - 60 dollars/dry ton, and the domestic processing fee is 500 yuan/ton, both at historical lows. The lead concentrate production and import volume in 2021 - 2025 are shown in the charts, and the inventory in Lianyungang also has historical data [28][29] - **Primary Lead**: Some smelting enterprises in Henan are under continuous maintenance, which will affect the production of primary lead. The historical production and weekly operating rate data of primary lead from 2021 - 2025 are provided [6][35][36] - **Recycled Lead**: The recycled lead smelting profit is in a large loss. Smelting plants in Anhui, Guizhou and other regions have reduced production or controlled output. The historical production, operating rate, raw material inventory, cost, and profit - loss data of recycled lead from 2021 - 2025 are shown [6][34] - **Primary Lead By - products**: The price of 1 silver and the price of 98% sulfuric acid in East China from 2021 - 2025 are presented, as well as the historical production data of silver by - products [40] Lead Demand (Lead - Acid Batteries, End - Users) - **Lead - Acid Batteries**: The operating rate of lead - acid battery enterprises is expected to recover. At the end of the month, some battery enterprises conduct inventory checks, and the operating rate is slightly under pressure. However, with the approaching of the consumption peak season in August, there is an expectation of improved consumption, and enterprises may increase raw material inventory on dips. The historical data of lead - acid battery operating rate, finished product inventory days of enterprises and dealers, and export volume from 2021 - 2025 are provided [6][51] - **End - Users**: The actual consumption volume of lead from 2021 - 2025 is presented, as well as the monthly production data of automobiles and motorcycles [53] Import and Export - The net import volume, import volume, and export volume of refined lead from 2021 - 2025 are shown, as well as the historical data of lead ingot import profit and loss [48]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The visible inventory of lead ore continues to decline, and the raw materials at the primary end are relatively tight, leading to a marginal tightening of the supply of primary lead ingots. At the secondary end, the raw materials remain in short supply, but the smelting start - up rate of secondary lead has increased marginally. The downstream start - up rate remains relatively high, and the domestic inventory is rising slowly. Overall, the supply of lead ingots remains loose, and it is expected that lead prices will mainly fluctuate weakly [11]. Summary by Directory 1. Weekly Assessment - **Price Review**: The Shanghai Lead Index closed up 0.07% at 16,736 yuan/ton on Friday, with a total unilateral trading position of 113,800 lots. As of 15:00 on Friday afternoon, LME Lead 3S fell 10.5 to 1,966.5 dollars/ton compared with the same period of the previous day, with a total position of 146,300 lots. The average price of SMM 1 lead ingots was 16,550 yuan/ton, the average price of secondary refined lead was 16,600 yuan/ton, the refined - scrap spread was - 50 yuan/ton, and the average price of waste electric vehicle batteries was 10,200 yuan/ton [11]. - **Domestic Structure**: According to Steel Union data, the domestic social inventory of lead ingots increased to 69,800 tons. The futures inventory of lead ingots on the Shanghai Futures Exchange was 59,900 tons, the domestic primary basis was - 50 yuan/ton, and the spread between the continuous contract and the first - month contract was - 55 yuan/ton. **Overseas Structure**: The LME lead ingot inventory was 276,500 tons, and the LME lead ingot cancelled warrants were 72,400 tons. The basis of the overseas cash - 3S contract was - 40.86 dollars/ton, and the 3 - 15 spread was - 63.5 dollars/ton. **Cross - Market Structure**: After excluding exchange rates, the on - screen Shanghai - London ratio was 1.181, and the import profit and loss of lead ingots was - 528.2 yuan/ton [11]. - **Industrial Data**: At the primary end, the port inventory of lead concentrate was 30,000 tons, and the factory inventory was 404,000 tons, equivalent to 25.8 days. The import TC of lead concentrate was - 60 dollars/dry ton, and the domestic TC was 500 yuan/metal ton. The primary smelting start - up rate was 63.90%, and the factory inventory of primary ingots was 6,000 tons. At the secondary end, the inventory of lead waste was 84,000 tons, the weekly output of secondary lead ingots was 36,000 tons, and the factory inventory of secondary ingots was 13,000 tons. At the demand end, the start - up rate of lead - acid batteries was 71.86% [11]. 2. Primary Supply - **Imports and Production**: In June 2025, the net import of lead concentrate was 118,000 physical tons, a year - on - year change of 31.7% and a month - on - month change of 13.6%. From January to June, the cumulative net import of lead concentrate was 669,400 physical tons, a cumulative year - on - year change of 37.6%. In June 2025, the net import of silver concentrate was 126,000 physical tons, a year - on - year change of - 1.2% and a month - on - month change of - 7.5%. From January to June, the cumulative net import of silver concentrate was 847,500 physical tons, a cumulative year - on - year change of 2.6%. In June 2025, China's lead concentrate output was 153,100 metal tons, a year - on - year change of 14.9% and a month - on - month change of 2.5%. From January to June, the total production of lead concentrate was 787,000 metal tons, a cumulative year - on - year change of 13.1%. In June 2025, the net import of lead - containing ore was 121,200 metal tons, a year - on - year change of 15.7% and a month - on - month change of 3.8%. From January to June, the cumulative net import of lead - containing ore was 740,700 metal tons, a cumulative year - on - year change of 19.0% [15][17]. - **Total Supply**: In June 2025, the total supply of lead concentrate in China was 274,300 metal tons, a year - on - year change of 15.3% and a month - on - month change of 3.1%. From January to June, the cumulative supply of lead concentrate was 1,527,700 metal tons, a cumulative year - on - year change of 15.9%. In May 2025, the global lead ore output was 382,800 tons, a year - on - year change of - 0.1% and a month - on - month change of 1.5%. From January to May, the total production of lead ore was 1,863,800 tons, a cumulative year - on - year change of 5.5% [19]. - **Inventory and Processing Fees**: At the primary end, the port inventory of lead concentrate was 30,000 tons, and the factory inventory was 404,000 tons, equivalent to 25.8 days. The import TC of lead concentrate was - 60 dollars/dry ton, and the domestic TC was 500 yuan/metal ton [21][23]. - **Smelting Start - up Rate and Output**: The primary smelting start - up rate was 63.9%. The factory inventory of primary ingots was 6,000 tons. In July 2025, China's primary lead output was 321,700 tons, a year - on - year change of 4.79% and a month - on - month change of - 2.1%. From January to July, the total production of primary lead ingots was 2,206,400 tons, a cumulative year - on - year change of 8.51% [26]. 3. Secondary Supply - **Inventory and Production**: At the secondary end, the inventory of lead waste was 84,000 tons. The weekly output of secondary lead ingots was 36,000 tons, and the factory inventory of secondary ingots was 13,000 tons. In July 2025, China's secondary lead output was 317,900 tons, a year - on - year change of 3.11% and a month - on - month change of 10.92%. From January to July, the total production of secondary lead ingots was 2,251,600 tons, a cumulative year - on - year change of 0.37% [31][33]. - **Net Exports and Total Supply**: In June 2025, the net export of lead ingots was - 7,200 tons, a year - on - year change of 43.5% and a month - on - month change of - 22.1%. From January to June, the cumulative net export of lead ingots was - 43,900 tons, a cumulative year - on - year change of 448.2%. In June 2025, the total domestic supply of lead ingots was 622,400 tons, a year - on - year change of 0.5% and a month - on - month change of 0.3%. From January to June, the cumulative domestic supply of lead ingots was 3,862,300 tons, a cumulative year - on - year change of 5.3% [35]. 4. Demand Analysis - **Battery Start - up Rate and Apparent Demand**: At the demand end, the start - up rate of lead - acid batteries was 71.86%. In June 2025, the domestic apparent demand for lead ingots was 624,900 tons, a year - on - year change of 0.0% and a month - on - month change of 4.5%. From January to June, the cumulative domestic apparent demand for lead ingots was 3,826,600 tons, a cumulative year - on - year change of 3.5% [38]. - **Battery Exports**: In June 2025, the net export volume of batteries was 1,825,850 units, and the net export weight was 99,200 tons. It was estimated that the net export of lead in batteries was 62,000 tons, a year - on - year change of - 16.9% and a month - on - month change of - 5.0%. From January to June, the total net export of lead in batteries was 366,300 tons, and the cumulative net export of lead in batteries changed by - 3.1% year - on - year [41]. - **Downstream Inventory**: In June 2025, the days of enterprise finished - product inventory slightly decreased to 26 days, and the days of dealer inventory slightly increased to 39.88 days [44]. - **Terminal Demand**: In the two - wheeled vehicle sector, although the decline in electric bicycle production directly dragged down the new installation demand, the continuous growth of delivery scenarios such as express delivery and takeaway drove the improvement of the new installation consumption of electric two - and three - wheeled vehicles. In the automobile sector, the contribution of lead demand is expected to maintain stable growth. Although new energy vehicles use lithium iron phosphate starter batteries, the high stock of existing vehicles still provides support for lead ingot consumption. In the base station sector, the increasing number of communication base stations and 5G base stations drives the steady increase in the demand for lead - acid batteries [48][50][53]. 5. Supply - Demand Inventory - **Domestic Supply - Demand Difference**: In June 2025, the domestic supply - demand difference of lead ingots was a shortage of 35,700 tons. From January to June, the cumulative domestic supply - demand difference of lead ingots was an excess of 0 tons [61]. - **Overseas Supply - Demand Difference**: In May 2025, the overseas supply - demand difference of refined lead was a shortage of - 21,400 tons. From January to May, the cumulative overseas supply - demand difference of refined lead was a shortage of - 35,700 tons [64]. 6. Price Outlook - **Domestic Structure**: According to Steel Union data, the domestic social inventory of lead ingots increased to 69,800 tons. The futures inventory of lead ingots on the Shanghai Futures Exchange was 59,900 tons, the domestic primary basis was - 50 yuan/ton, and the spread between the continuous contract and the first - month contract was - 55 yuan/ton [69]. - **Overseas Structure**: The LME lead ingot inventory was 276,500 tons, and the LME lead ingot cancelled warrants were 72,400 tons. The basis of the overseas cash - 3S contract was - 40.86 dollars/ton, and the 3 - 15 spread was - 63.5 dollars/ton [72]. - **Cross - Market Structure**: After excluding exchange rates, the on - screen Shanghai - London ratio was 1.181, and the import profit and loss of lead ingots was - 528.2 yuan/ton [75]. - **Position Analysis**: The net position of the top 20 in Shanghai lead turned to net short, the net long position of investment funds in London lead increased, and the net short position of commercial enterprises decreased. The position perspective indicates a bearish trend [78].