There are regional differences in the quotes for secondary refined lead, and smelters are still generally operating at a loss [SMM Weekly Review of Secondary Refined Lead]

SMM June 27 report:

The consumption of downstream lead-acid batteries has not shown significant improvement, and the enthusiasm for purchasing lead ingots during the week has been average. There are regional differences in the quoted prices of secondary refined lead. In central China, the ex-factory prices of secondary refined lead, inclusive of tax, are at a discount of over 150 yuan/mt against the SMM 1# lead average price, while in east China, the mainstream prices are quoted at a premium of 0-50 yuan/mt. Due to the rising prices of scrap batteries, the transaction prices of secondary lead are poor, and smelters are still generally operating at a loss. As of June 27, 2025, the theoretical comprehensive profit and loss value for large-scale secondary lead enterprises is -304 yuan/mt, and for small- and medium-scale secondary lead enterprises, it is -530 yuan/mt.

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