[SMM Flash News] Downstream battery producers were not active in purchasing, leading to difficulties in selling secondary refined lead and high raw material costs. The pressure of losses forced secondary lead smelters to significantly reduce or halt production and they were reluctant to quote prices for sales. For the secondary refined lead sources quoted during the week, the mainstream ex-factory prices inclusive of tax were at a contango of 50-0 yuan/mt against the SMM 1# lead average price, with some at a premium of 25-50 yuan/mt. As some primary lead sources were also quoted on par with or at a small contango against the SMM 1# lead average price, secondary refined lead had no competitive edge in transactions, resulting in poor overall trading activity this week.