Secondary Lead: Smelters Hold Prices Firm Amid Losses, Hoping for a Rise; Downstream Stocking Cautious, Transactions Limited [SMM Lead Daily Review]

Published: Aug 5, 2026 14:21

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SMM Report, August 5:

Bullish sentiment in the secondary refined lead market heated up. Most smelters, facing prolonged losses, actively supported a lead price raise, and some sources quoted premiums on shipments. Downstream enterprises, though recognizing the expectations for price hikes, still held previous inventory, showed weak willingness to chase the price increase, and only purchased small spot orders as needed. Market quotes diverged significantly, with upstream expecting an increase of 250-500 yuan/mt, while downstream procurement acceptance was limited. Spot orders mostly concluded around parity with the SMM #1 lead average price. Overall, actual volume was insufficient, and the short-term market was in a phase of gaming over price hike expectations. Today, the SMM secondary refined lead average price was reported at 15,500 yuan/mt, a discount of 25 yuan/mt to the SMM #1 lead average price. The supplier shipment sentiment was 1.29, and the secondary refined lead procurement sentiment today was 1.33 (historical data can be accessed by logging into the database). .

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