The trading atmosphere in the secondary lead spot order market is sluggish, with slow recovery of smelters' loss margins [SMM Weekly Review of Secondary Refined Lead]

SMM News on June 13:

Due to loss pressures, secondary lead suppliers had a low willingness to sell. Downstream battery producers and traders also showed no interest in purchasing secondary refined lead. During the week, the mainstream ex-factory prices (tax included) of secondary refined lead were on par with the SMM 1# lead average price, with only a small amount of supply in Central China trading at a discount of around 100 yuan/mt. The trading atmosphere in the spot market for secondary lead spot orders was sluggish. This week, lead prices fluctuated upward, and scrap battery prices also increased slightly, thus the reduction in the loss margins for smelters was limited. As of June 13, 2025, the theoretical comprehensive profit and loss for large-scale secondary lead enterprises was -393 yuan/mt, while for small- and medium-sized secondary lead enterprises, it was -614 yuan/mt.

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