Refined lead prices remain firm, but transactions are difficult. Secondary lead smelters still suffer severe losses [SMM Weekly Review of Secondary Refined Lead]

SMM reported on May 30:

Lead prices were in the doldrums. Suppliers of secondary refined lead showed low willingness to sell, with few quotations offered. Some traders, however, were quoting and selling. In east China, the ex-factory quotations for mainstream tax-included refined lead were quoted at discounts of 50-0 yuan/mt against the SMM 1# lead average price. In central China, some supplies were quoted at discounts of around 75 yuan/mt ex-factory.

Due to poor purchase willingness from downstream enterprises, most primary lead supplies were also sold at discounts against the SMM 1# lead average price. With no advantage for secondary refined lead supplies, transactions were sluggish during the week.

Due to poor raw material arrivals, secondary lead smelters raised their purchase quotations for scrap batteries during the week. With rising raw material costs and unchanging lead prices, smelters continued to suffer significant losses. As of May 30, 2025, the theoretical comprehensive profit and loss for large-scale secondary lead enterprises was -660 yuan/mt, while for small- and medium-sized secondary lead enterprises, it was -881 yuan/mt.

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