Loss pressure led to a narrowing of the discount on refined lead quotations during the week, and the willingness of secondary lead smelters to cut production increased. [SMM Secondary Refined Lead Weekly Review]

SMM April 18 News:

Raw material prices are more likely to rise than fall, while downstream enterprises have limited demand for lead ingots, and secondary lead smelters are not highly motivated to sell. During the week, the premium of refined lead suppliers' offers narrowed, with the mainstream ex-factory price including tax at a discount of 75-0 yuan/mt against the SMM 1# lead average price. Downstream enterprises are cautious in purchasing and tend to restock primary lead for rigid demand. As the Labour Day holiday approaches, downstream battery producers are consciously preparing raw material inventories. Although large-scale procurement has not yet occurred, the overall market activity is expected to improve.

Lead prices maintain a fluctuating trend, while scrap battery prices continue to rise firmly. As of April 18, 2025, the theoretical comprehensive profit and loss of large-scale secondary lead enterprises is -435 yuan/mt, and that of small and medium-sized secondary lead enterprises is -657 yuan/mt. Secondary lead smelters are under significant operational pressure, and the number of enterprises cutting production may increase next week.

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