February Secondary Lead Production Fell by Over 65,000 mt MoM; Will Smelters See a Surge in March Amid the Resumption Wave? [SMM Analysis]

Published: Feb 28, 2025 17:28

Save

[SMM Analysis: February Secondary Lead Production Fell by Over 65,000 mt MoM, Smelters' Resumption Wave Expected to Surge in March?] SMM, February 28: In February 2025, secondary crude lead production saw a significant decline, down 23.17% MoM but up 6.08% YoY. Secondary refined lead production dropped 24.39% MoM while increasing 1.04% YoY...

》View SMM Lead Product Prices, Data, and Market Analysis

》Subscribe to View SMM Historical Spot Metal Prices

》Click to View the SMM Database

SMM, February 28:

In February 2025, secondary crude lead production dropped significantly, down 23.17% MoM but up 6.08% YoY. Secondary refined lead production fell 24.39% MoM but increased 1.04% YoY.

In January, the strong Chinese New Year atmosphere led downstream battery producers to start their holidays earlier, resulting in weak pre-holiday stockpiling demand. Difficulties in lead ingot transactions, combined with poor profitability, caused an increase in the number of secondary lead smelters reducing or halting production. February production declined by over 65,000 mt compared to January. After the Lantern Festival, secondary lead smelters began resuming production. Due to some large enterprises starting production near month-end and the furnace heating cycle, lead production is expected to reflect in March. Additionally, apart from smelters planning to restart production in March, new secondary lead capacity may gradually come online in March. Currently, newly built large smelters in Guizhou and Jiangsu provinces are stockpiling raw materials to prepare for production trials. Based on the data, secondary lead production in March is expected to increase by over 90,000 mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

18 hours ago

Lead Prices Stagnant, Smelters Maintain Firm Offers Amid Losses

Lead prices were in the doldrums, while secondary lead smelters maintained firm offers due to losses. The mainstream spot order ex-factory prices including tax narrowed the discount to the SMM #1 lead average price by 100 yuan/mt, shifting to a premium of 0–25 yuan/mt, with some smelters halting offers and sales.

18 hours ago

"Domestic Secondary Crude Lead Market Slows as Holidays Approach, Smelters Halt Production"

Pre-holiday stockpiling by downstream enterprises had largely concluded, and a few had already entered the holiday period, completely suspending procurement. Next week, secondary lead smelters will enter a concentrated wave of production halts and holidays, resulting in sluggish trading activity in the spot market. Offers for spot refined lead orders were sparse, with prices moving in line with the market.

18 hours ago

Sluggish Transactions in Domestic Secondary Crude Lead Market, Prices at 15,250-15,400 Yuan/mt

The domestic secondary crude lead market experienced sluggish transactions. As of February 6, 2026, the ex-factory tax-exclusive offers for domestic secondary crude lead stood at 15,250-15,400 yuan/mt. Downstream refined lead and alloy smelters gradually entered the holiday period, showing weak stockpiling willingness. Overseas lead ingot suppliers basically halted transactions with China due to poor consumption in the Chinese market, with only some previously concluded shipments maintaining normal in-transit transportation. The trading atmosphere in the secondary crude lead market will continue to weaken next week.

18 hours ago