Secondary refined lead is generally quoted at a discount, and smelters continue to operate at a loss [SMM Weekly Review of Secondary Refined Lead]

SMM July 4 report:

Despite the supplement of overseas crude lead, its impact on the secondary lead raw material market remains insignificant due to quality differences and limited quantity. The price of scrap batteries is still more likely to rise than fall. Currently, there are still regional differences in the quoted prices of secondary refined lead. In central China, the ex-factory price of tax-included secondary refined lead is at a discount of approximately 120 yuan/mt against the SMM 1# lead average price, while in east China, the mainstream prices are quoted at a discount of 50-0 yuan/mt. Although lead prices have risen during the week, smelters continue to operate at a loss. As of July 4, 2025, the theoretical comprehensive profit and loss value for large-scale secondary lead enterprises is -313 yuan/mt, and for small- and medium-sized secondary lead enterprises, it is -540 yuan/mt.

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