Refined lead transactions were generally average during the week, and smelters suffered from increased losses when selling at a discount [[SMM Weekly Review of Secondary Refined Lead]]

SMM July 11 News:

The enthusiasm of secondary refined lead suppliers for selling was generally moderate. Especially after the lead price fell on Friday, the discount for refined lead ex-factory prices narrowed. In central China, the ex-factory price of secondary refined lead, inclusive of tax, at the beginning of the week could have a discount of up to 150 yuan/mt against the SMM 1# lead average price, which narrowed to 75 yuan/mt on Friday. In east China, the mainstream prices were quoted with a discount of 50-0 yuan/mt, with the discount in Jiangxi province being around 100 yuan/mt. The enthusiasm of downstream battery producers for purchasing was generally moderate, and they chose to purchase at lower prices. Due to the still high prices of scrap batteries and the lack of significant "subsidies" from by-product earnings, as of July 11, 2025, the theoretical comprehensive profit and loss value for large-scale secondary lead enterprises was -408 yuan/mt, and for small- and medium-scale secondary lead enterprises, it was -636 yuan/mt.

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