Secondary Lead: Smelters Mostly Sell at Parity; Downstream Rigid Demand Insufficient [SMM Lead Daily Review]

Published: Nov 11, 2026 13:11 (GMT+8)

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SMM, November 11:

Today, secondary refined lead online prices mostly held steady, with only a few quotes lowered by 25 yuan/mt. Mainstream ex-works prices including tax stood at 15,900-15,950 yuan/mt, at discounts of 50-0 yuan/mt to the SMM #1 lead average price. Smelters mostly sold at small discounts or on par with the average price. Market sentiment was mixed. Some purchase willingness was moderate, but downstream rigid demand was insufficient. Participants mostly bought at low prices, transactions were mediocre, and prices consolidated. Today, the SMM secondary refined lead average price was 15,950 yuan/mt, on par with the SMM #1 lead average price. Supplier selling sentiment was 0.8, and secondary refined lead purchase sentiment today was 1.45 (historical data can be queried in the database).

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