Secondary Lead: Lead Prices Weakened, Downstream Enterprises Were Cautious in Procurement; Secondary Lead Smelters Reported Pressure on Transactions [SMM Lead Midday Review]

Today, the average price of SMM #1 lead dropped by 75 yuan/mt compared to yesterday, reaching 18,225 yuan/mt. The mainstream tax-included ex-factory prices of secondary refined lead were at a discount of 300-200 yuan/mt to the average price of SMM #1 lead. The mainstream ex-factory prices of refined lead without tax were reported at 16,700-16,800 yuan/mt. Downstream battery enterprises had sufficient inventory of lead ingots. With the decline in lead prices, they became more cautious in procurement. Secondary lead smelters generally reported pressure on transactions.