Secondary lead: The price spread between primary lead and secondary refined lead is relatively small. Downstream rigid demand favors primary lead [SMM Lead Midday Review]

Published: Jul 22, 2025 13:02

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SMM July 22 News:

Today, the SMM #1 lead average price fell by 75 yuan/mt from yesterday to 16,725 yuan/mt. The mainstream tax-included secondary refined lead supply was priced at a premium of 0-75 yuan/mt against the SMM #1 lead average price for ex-factory delivery, while the mainstream tax-excluded price ranged from 15,800 to 15,850 yuan/mt. Suppliers of secondary refined lead offered relatively firm quotes, with a declining willingness to sell, and the refined lead supply lacked advantages. For example, in Jiangxi Province, the price spread between tax-excluded primary lead and secondary refined lead delivery-to-factory prices was less than 50 yuan/mt. Downstream enterprises made just-in-time procurement of spot orders, preferring the primary lead market, and transactions of secondary refined lead were average.

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