Scrap Battery Prices Held Steady, Secondary Crude Lead Quotes Remained Firm [SMM Scrap Battery & Secondary Crude Lead Weekly Review]

SMM April 10 update:

Lead prices fluctuated this week due to geopolitical tensions and the consumption off-season, with scrap battery purchase prices remaining largely stable overall. Early in the week, some large and mid-sized smelters slightly raised prices to restock. Mid-week, lead prices rose but producers held off and did not follow suit. By the weekend, lead prices pulled back, yet smelters did not lower purchase prices in tandem due to tight supply. In early April, the recycling side slightly raised prices, with waste e-bike battery recycling prices up 20-80 yuan/mt compared to late March. Next week, some smelters plan to cut production due to low raw material levels. Restocking demand from smelters that have not cut production will support scrap battery prices, but upside room is limited by cost and profit constraints, with prices expected to remain largely stable in the short term.

Domestic secondary crude lead quotes remained firm, with downstream refined lead and alloy smelters maintaining rigid-demand purchases. Actual tax-exclusive transactions during the week fluctuated around the 15,350 yuan/mt range. Affected by geopolitical factors and China's consumption off-season, import lead profit margins narrowed, and quote activity pulled back notably this week. SMM expects that cost-side factors will provide price support next week, with both imported and domestic secondary crude lead having expectations of holding prices firm.

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