Secondary lead smelter premium quotes, downstream preference for primary lead due to price and quality advantages [SMM Weekly Review of Secondary Lead Inventory]

SMM, June 6:

As of June 6, 2025, the finished product inventories of secondary lead smelters stood at 22,910 mt, representing a WoW increase of 1,450 mt. Secondary lead smelters primarily focus on shipments under long-term contracts, with few offering spot cargoes at quoted prices during the week. Currently, secondary refined lead is trading at a premium of 0-100 yuan/mt against the SMM 1# lead average price, while primary lead is being offered at a discount. Given the price and quality advantages, lead-acid battery producers prefer to purchase primary lead. Additionally, several secondary lead smelters, which have been undergoing maintenance for an extended period, are preparing to resume production recently. If secondary refined lead smelters continue to refuse to sell at large discounts, there is a risk of further accumulation of in-plant inventories.

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