Secondary Refined Lead Spot Order Premiums Range Consolidated, Discounts Expected to Narrow Next Week [SMM Secondary Refined Lead Weekly Review]

SMM News, March 13:

This week, mainstream tax-inclusive ex-factory prices for secondary lead were at parity against the SMM #1 lead average price, with discounts of 50-100 yuan/mt in some areas; dragged down by scrap battery prices and weak downstream consumption, the industry remained loss-making, and most smelters held prices firm and were reluctant to sell. As of March 13, 2026, the theoretical comprehensive profit and loss for large-scale enterprises was -422 yuan/mt, and that for small and medium-sized enterprises was -633 yuan/mt (the model’s by-product revenue did not include tin or antimony). With delivery to be completed and rigid demand expected to recover next week, SMM expected discounts for secondary lead to narrow slightly. Overall, losses across China’s secondary lead industry remained unchanged and production resumptions were slow. Given the availability of primary lead and imported lead cargoes, premiums for spot orders of secondary refined lead were likely to maintain sideways movement, making substantial premiums difficult to emerge.

> Subscribe to View Historical SMM Metal Spot Prices