Few Offers from Secondary Refined Lead Suppliers as Smelter Margins Narrow Significantly Recently [SMM Lead Weekly Review]

SMM, January 3:

This week, secondary refined lead suppliers offered limited and relatively firm quotes, with mainstream ex-factory prices showing a premium of 100 yuan/mt against the SMM 1# lead average price, and certain sources quoted at a premium of 225 yuan/mt ex-factory. Downstream purchasing interest remained low, focusing mainly on restocking for rigid demand. After the lead price center shifted downward, it fluctuated rangebound, while battery scrap prices saw limited reductions, leading to severely narrowed profits for secondary lead smelters. As of January 3, 2025, SMM data showed that the theoretical comprehensive profit and loss value for large-scale secondary lead enterprises was 177 yuan/mt, while for small and medium-sized secondary lead enterprises, it was -25 yuan/mt.

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