In October 2026, the domestic 1 # lead ingot market rose, with an average price of 16205 yuan/ton at the beginning of the month and 16215 yuan/ton at the end of the month, a monthly increase of 0.06%.
In October 2026, the domestic lead market showed a significant trend of “first suppression and then rise”. From the beginning to the middle of the month, due to weak demand and macroeconomic sentiment, lead prices experienced a deep correction; Subsequently, in mid to late month, with the support of raw material costs and downstream inventory replenishment, lead prices rebounded strongly and reached a high point at the end of the month. The overall price volatility has increased, and the market has experienced a reversal trend from weak to strong.
supply side
The lead price dropped significantly in early October, mainly due to the recovery of production after refinery maintenance, as well as ample spot market liquidity brought by the delivery of some brands. However, as we entered the latter half of the year, there was a temporary tightening of the supply side due to sudden environmental restrictions or routine maintenance of some primary and recycled lead refineries. In addition, the strong reluctance of holders to sell at high prices has led to tight spot circulation, supporting a significant increase in prices at the end of the month.
Demand side
Downstream lead-acid battery companies (especially electric bicycle and car starter batteries) adopted a “buy up, not buy down” strategy in the first and middle of October, mainly to digest inventory, resulting in sluggish market transactions. But as the end of the month and the “Double Eleven” stocking period approached, downstream buyers’ willingness to buy on dips erupted, and the concentrated replenishment behavior directly ignited the month end rally.
Comprehensive Summary
To sum up, the lead market completed the transformation from “de foam” to “cost reshaping” in October. The current technical situation is in a multi headed arrangement, and the cost support on the raw material side is extremely strong. It is expected that lead prices will maintain a strong and volatile pattern in November, and it is necessary to closely monitor the impact of downstream battery plant operating rates and environmental policies on the production of recycled lead. In the short term, we need to be alert to the technical pullback risk after the sharp rise at the end of the month.