Core Insights - On October 24, the spot price of lead ingots in Shanghai was quoted at 17,300.00 CNY/ton, reflecting a discount of 295.0 CNY/ton compared to the futures main contract price of 17,595.00 CNY/ton [1] - The International Lead and Zinc Study Group (ILZSG) reported that the global lead market is expected to shift to a supply shortage of 2,500 tons by August 2025, compared to a surplus of 10,800 tons in July 2025 [1] Market Overview - As of October 24, the closing price for the main lead futures contract on the Shanghai Futures Exchange was 17,595.00 CNY/ton, with a daily increase of 1.00%. The highest price reached was 17,635.00 CNY/ton, while the lowest was 17,440.00 CNY/ton, with a trading volume of 79,514 contracts [1] - On October 17, lead futures inventory recorded 41,701.00 tons, an increase of 1,785.00 tons from the previous trading day [2] Supply and Demand Analysis - According to Hongyuan Futures' research report, the overall lead market is experiencing an increase in both supply and demand. The uncertainty in the operation of recycled lead due to raw material issues is providing some support for lead prices, with expectations for short-term price stability within a range [2]

Core Insights - The lead prices in Shanghai market are reported between 16,860 to 16,925 CNY/ton, with a discount of 50 to 0 CNY/ton against the SHFE lead 2510 contract [1] - On September 11, the national lead price for 1 lead ingot (Pb99.994) is quoted at 16,850 CNY/ton in Shanghai and 16,775 CNY/ton in Guangdong [2] - The SHFE lead futures main contract closed at 16,900 CNY/ton on September 11, with a daily increase of 0.36% and a trading volume of 41,772 lots [2] - LME lead registered warehouse receipts are at 194,275 tons, with a decrease of 4,375 tons in canceled receipts [2] Supply and Demand Analysis - The operating rate of primary lead smelters has slightly decreased due to increased routine maintenance, while the scrap battery disposal volume remains poor, leading to continued losses for secondary lead enterprises [4] - The operating rate of lead-acid batteries has slightly rebounded due to improved orders for complete vehicles, but demand for electric bicycles and automotive replacements remains weak [4] - Domestic social lead inventory has increased by 0.16 million tons to 67,700 tons, while LME inventory continues to decline, maintaining a high level of 243,000 tons [4] Market Outlook - The overall lead market is characterized by weak supply and demand, with high global inventories, suggesting that lead prices are likely to remain weak in the medium term [4]

Core Insights - The lead prices in China have shown a slight increase, with the average price for 1 lead reported at 16,850 CNY per ton, up by 10 CNY from the previous day [1] - The futures market for lead also reflects a positive trend, with the main contract closing at 16,875 CNY per ton, marking a 0.27% increase [2] Price Overview - The current market prices for 1 lead ingots vary by region, with Shanghai Huato reporting 16,850 CNY per ton and Guangdong Nanchu at 16,800 CNY per ton [2] - The trading volume in the futures market reached 32,431 contracts on August 7 [2] Production and Inventory Insights - A survey of 35 primary lead smelting enterprises indicates a total capacity of 4.567 million tons, with a production increase expected in August 2025 [3] - The London Metal Exchange (LME) reported an increase in lead inventory, with registered warrants at 196,225 tons and total inventory at 269,400 tons [3] Market Analysis - According to a report from Wenkang Futures, the supply of primary lead ingots is tightening due to a decrease in visible inventory and raw material shortages [4] - The recycling sector is also facing raw material constraints, although the operating rate for recycled lead smelting is gradually increasing [4] - Environmental regulations have led to some recycled lead plants in Anhui to halt production, contributing to the upward pressure on lead prices [4]

Group 1 - The current spot price of lead ingots in Shanghai is reported at 16,925.00 CNY/ton, which is a discount of 250.00 CNY/ton compared to the futures main price of 17,175.00 CNY/ton [1] - On July 2, the futures market closed with the main contract for lead at 17,175.00 CNY/ton, showing a slight increase of 0.23%, with a daily trading volume of 27,524 lots [2] - The London Metal Exchange (LME) reported a total lead inventory of 268,150 tons, which decreased by 1,925 tons, indicating a tightening supply [3] Group 2 - According to a report from Nanhua Futures, the supply side is experiencing a recovery in smelting plants driven by high lead prices, but overall supply remains tight due to limited raw material availability for recycled lead [4] - The demand side is approaching peak season, with increased willingness to stock up, although actual transactions remain weak due to rising prices [4] - The market outlook suggests a period of volatility driven by weak supply and demand dynamics along with macroeconomic influences [4]

Group 1 - The mainstream ex-factory price of recycled refined lead is stable against the average price of SMM 1 lead, with some traders quoting a discount of around 50 yuan/ton [1] - As of June 16, the prices for 1 lead ingots in various markets are as follows: Shanghai Huaton at 16,850 yuan/ton, Shanghai Youse at 16,750 yuan/ton, and Guangdong Nanchu at 16,775 yuan/ton [2] - The Shanghai Futures Exchange's lead futures main contract closed at 16,980.00 yuan/ton on June 16, with a slight increase of 0.18% [2] Group 2 - On June 16, the London Metal Exchange reported lead registered warrants at 186,525 tons and canceled warrants at 76,950 tons, a decrease of 1,500 tons; total lead inventory is at 263,475 tons, also down by 1,500 tons [3] - A lead smelter in Central China is currently out of operation due to equipment failure, while high prices for recycled lead in East China are reported, with some downstream stating that prices are 100 yuan/ton higher than recycled lead [3] - According to a report from Galaxy Futures, recent increases in silver prices have improved the smelting profits for primary lead, leading to a slight increase in operational sentiment; however, recycled lead smelting plants are still facing losses, limiting operational rates [4]

Price Overview - On May 27, the spot price of lead ingots in Shanghai was quoted at 16,625.00 CNY/ton, which is a discount of 200.00 CNY/ton compared to the futures main price of 16,825.00 CNY/ton [1] - The closing price for the main Shanghai lead futures contract on May 27 was 16,825.00 CNY/ton, with a slight decline of 0.09%, reaching a high of 16,850.00 CNY/ton and a low of 16,745.00 CNY/ton during the day [2] Market Dynamics - A lead-zinc smelting plant in a southern region of China underwent temporary maintenance this week, leading to reduced production in the precious metals workshop, with the specific recovery time yet to be determined [2] - As of May 23, the inventory of Shanghai lead futures recorded 48,428.00 tons, a decrease of 7,044.00 tons compared to the previous trading day [2] Supply and Demand Analysis - According to New Lake Futures research, primary lead smelters are maintaining stable production levels, while the treatment charge (TC) for lead ore is on a downward trend [3] - The recycling sector has seen continuous low operating rates for recycled lead smelters due to ongoing losses, but profits are expected to recover as the price of waste batteries declines [3] - The traditional consumption season for lead-acid batteries is currently slow, with dealers holding high inventory levels, leading battery manufacturers to adjust production based on sales [3] - As of this week, domestic social inventory stands at 4.34 tons, with a reduction of 0.69 million tons, indicating a preference for warehouse stock among downstream players [3] - Last week, LME lead inventory saw a significant delivery of 50,000 tons, reaching a nearly 10-year high [3] - Overall, the combination of the off-peak season and weakened support from waste battery prices suggests a potential downward shift in lead prices in the short term [3]