Secondary Lead: Upstream Holds Back from Selling, Spot Orders Scarce; Some Producers Have No Goods to Quote [SMM Lead Daily Review]

Published: Sep 22, 2026 14:32 (GMT+8)

Save

SMM, September 22:

Today, most secondary refined lead suppliers recommended raising online prices by 25-75 yuan/mt. Upstream sellers held back from selling, spot orders were scarce, and some producers had no cargo to offer. Spot-futures price spreads diverged, with shipments at a discount of 75 yuan/mt coexisting with parity shipments. Downstream pre-holiday procurement wound down, with some producers indicating a target price of 16,100 yuan/mt and only suggesting a 25 yuan increase, showing limited willingness to chase higher prices, leaving the market in a stalemate. Today, the SMM secondary refined lead average price was 16,250 yuan/mt, a discount of 75 yuan/mt to the SMM #1 lead average price. Supplier selling sentiment was 2.56, and secondary refined lead purchasing sentiment today was 1.96 (historical data can be queried in the database).

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

Images in this article contain AI-translated captions for reference only.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

September 22 Scrap Battery Market Transaction Summary [SMM Daily Review]

1 hour ago

2 hours ago

【Flash | IQE Expands Indium Phosphide (InP) Capacity as AI Datacenter Demand Accelerates】

IQE reported H1 2026 revenue of £64.6 million, up 43% YoY, while Photonics revenue rose 45% to £38.5 million, supported by US defence funding releases and continued growth in AI and datacenter markets. The company said strong InP demand is driving volume growth and that existing tooling will be converted in H2 to increase InP capacity for significant AI and datacenter demand. IQE expects FY2026 revenue growth above 30%. SMM views simultaneous growth in InP volumes and capacity as direct support for medium-term high-purity indium demand. However, IQE did not disclose InP shipment volumes or indium feedstock consumption, preventing a quantitative estimate.

2 hours ago

6 hours ago

Slight Divergence Between SHFE and LME Lead: LME Lead Breaks Above $1,940/mt While SHFE Lead Lags [SMM Lead Morning Update]

6 hours ago