Secondary lead smelters have low production, and it may be difficult for finished product inventories to rise significantly in the short term [SMM Weekly Review of Secondary Lead Inventories]

SMM June 20 report:

As of June 20, 2025, the finished product inventories of secondary lead smelters stood at 24,600 mt, a decrease of 330 mt WoW. This week, downstream battery producers' spot order demand leaned towards the secondary lead market, primarily due to maintenance work on electrolytic lead from certain delivery brands, resulting in firm market quotes for available supplies. For instance, in east China, electrolytic lead was quoted at a premium of 50-150 yuan/mt against the SMM 1# lead average price, while the mainstream tax-inclusive price of secondary refined lead was quoted at a discount of 50-0 yuan/mt against the SMM 1# lead average price. Currently, most secondary lead smelters are operating at low production rates and have no excess spot orders to ship, with only some enterprises with a low proportion of long-term contracts offering quotes for sales. Coupled with the ongoing losses, the overall enthusiasm for shipping remains low. Overall, secondary lead smelters may face difficulties in significantly increasing their finished product inventories in the short term due to low production rates.

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