The inverted price relationship between secondary crude lead and secondary refined lead has become a common phenomenon [SMM Scrap Battery & Secondary Crude Lead Weekly Review].

【SMM Weekly Review of Scrap Batteries & Secondary Crude Lead: Price Inversion Between Secondary Crude Lead and Secondary Refined Lead Becomes Common】SMM, March 28: The market for scrap batteries saw limited circulating supply, with smelters' purchase prices remaining high and difficult to lower. Recyclers' sentiment of holding goods in anticipation of price increases remained strong. As of March 28, 2025, the mainstream tax-included purchase price for waste e-bike batteries ranged between 10,100-10,400 yuan/mt. Due to the reversal and decline in lead prices, secondary lead smelters have the intention to lower purchase quotations. Subsequent attention should be paid to arrivals.