The average lead price in China from March 9-12 saw a slight decrease compared to last week. The weekly average spot price of primary lead in China was Yuan 16,573/tonne, down by 0.48% week on week, and the average spot price of secondary lead was Yuan 16,500/tonne, down by 0.26% week on week. Meanwhile, the average closing price of SHFE lead was Yuan 16,671/tonne, down by 0.99% week on week. During the same period, the average closing price of LME lead was $1,939/tonne, decreasing by 0.60% week on week.
From a fundamental perspective, China's lead ingot supply remained relatively ample this week, with market arrivals continuing to increase. Shanghai's delivery warehouse inventory increased, mostly attributed to Guangxi sources, while inventory in other regions were primarily supplied by Henan's sources. On the demand side, downstream enterprises showed low purchasing enthusiasm, and domestic spot transactions were generally sluggish due to the supplement of imported lead ingots. Although downstream inquiries were relatively active, actual purchases were moderate. In terms of spot prices, holders of lead ingots showed moderate willingness to quote this week, with the discount on lead ingots narrowing as lead prices declined.
Regarding inventory, retail inventories of lead ingots in China experienced slight growth this week amid weak demand relative to supply. As of March 12, 2026, retail inventories of lead ingots in major Chinese markets stood at 77,700 tonnes, an increase of 8,900 tonnes from March 5 and 4,000 tonnes from March 9, reaching a high not seen since November 2024.
Looking ahead, the purchasing enthusiasm of lead-acid battery manufacturers for raw materials may remain low, and China's domestic spot transactions are expected to see weak performance in the short term due to imported lead ingot arrivals. Additionally, as delivery sources from smelters are expected to remain relatively stable in the short term, lead prices are likely to hover at low levels, and China's lead ingot retail inventory is expected to continue their upward trend.
Written by Zhaorui Cui, cuizhaorui@mysteel.com
Edited by Mingyuan Wang, wangmingyuan@mysteel.com
