Secondary lead suppliers are not enthusiastic about shipping goods, and smelters are still operating at a loss [SMM Weekly Review of Secondary Refined Lead]

SMM News on July 18:

Lead prices were in the doldrums during the week. Suppliers of secondary refined lead were not enthusiastic about selling, and those who did sell in the first half of the week quoted firm prices. The mainstream ex-factory prices of tax-included refined lead were at a premium of 0-100 yuan/mt against the SMM #1 lead average price, with some sources offering a discount of around 50 yuan/mt. In the second half of the week, the number of sellers decreased significantly, and tax-included refined lead was mainly sold at a premium of 0-50 yuan/mt against the SMM #1 lead average price, with almost no discounts offered. Downstream battery producers showed moderate enthusiasm for inquiries, but transactions were generally slow due to the firm prices of secondary refined lead. Some smelters reported an improvement in transactions. Although scrap battery prices fell during the week, the decline in lead prices was even greater, leaving smelters in a state of loss. As of July 18, 2025, the theoretical comprehensive profit and loss of large-scale secondary lead enterprises was -533 yuan/mt, while that of small- and medium-scale secondary lead enterprises was -758 yuan/mt.

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