Secondary Lead: Smelters' Offers Actively Followed the Uptrend, Downstream Buying Sentiment Declined [SMM Lead Daily Review]

Published: Aug 13, 2026 13:35

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SMM, August 13:

Today, offers from upstream smelters in the secondary refined lead market actively followed the upturn, suggesting that online prices be raised by 75-100 yuan/mt. Some cargoes were shipped ex-works at parity or a slight premium to the SMM #1 lead average price, while mainstream transaction prices were at a discount of 75-50 yuan/mt against the SMM #1 lead average price. Actual downstream purchasing showed limited follow-through and consisted mainly of small restocking as needed. In the short term, smelters have a strong willingness to hold prices firm, but downstream acceptance is limited, and the market will remain in a deadlock. Today, the SMM secondary refined lead average price was reported at 15,725 yuan/mt, a discount of 50 yuan/mt against the SMM #1 lead average price. Supplier shipment sentiment stood at 1.59, and secondary refined lead purchase sentiment stood at 0.94 today (historical data can be queried by logging in to the database).

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