Lead price is in contango, and secondary lead smelters are operating at low production levels

Published: Jul 11, 2025 18:49

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[SMM Flash News] In central China and some individual areas in east China, the ex-factory prices of secondary refined lead were at a discount of 200-75 yuan/mt against the SMM 1# lead average price during the week. Downstream enterprises showed moderate enthusiasm for inquiries and opted to purchase at preferential low prices. As smelting of secondary lead is still in a state of loss, secondary lead smelters are generally operating at low production levels. Some individual smelters have even chosen to extend their shutdown periods and purchase externally lead ingots to fulfill long-term contracts. Overall, the inventory of refined lead ingots in factory warehouses is expected to maintain a downward trend in the short term.

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