SHFE/LME Price Ratio Pulled Back and Imports Trended Down, Secondary Crude Lead Demand Remained Weak [SMM Secondary Crude Lead Weekly Review]

SMM May 8 update:

This week, the mainstream tax-exclusive transaction price of domestic ordinary secondary crude lead was around 15,350 yuan/mt, with tight spot order availability in the market. The SHFE/LME price ratio pulled back, coupled with undersupply of scrap batteries outside China and production constraints, the inflow of imported crude lead decreased, and overall market offers were scarce. Looking ahead to next week, the secondary crude lead supply landscape is expected to maintain the status quo for now, with weak downstream finished product orders, and purchase willingness for secondary crude lead is expected to remain subdued.