The supply of secondary refined lead has become a supplement. In-plant inventory of smelters declined this week [SMM Weekly Review of Secondary Lead Inventory]

SMM News on July 25:

As of July 24, 2025, the finished product inventories of secondary lead smelters stood at 17,700 mt, a decrease of approximately 3,000 mt WoW. This week, lead prices initially declined before rebounding, with market trading sentiment fluctuating accordingly. At the beginning of the week, most suppliers of secondary refined lead had a weak willingness to sell, and spot ex-factory quotations were at premiums against the SMM #1 lead average price. Downstream enterprises preferred to purchase from primary lead smelters' in-plant inventory. In the second half of the week, lead prices moved sideways, and the willingness of refined lead smelters to sell improved. They actively inquired about market quotations, but due to limited spot inventory, quotations remained firm. Additionally, with a significant decline in primary lead smelters' in-plant inventory and some downstream enterprises anticipating further price increases, secondary refined lead became a supplement. As the 25th of the month-end is a regular inventory check day for most enterprises, some battery producers chose to purchase in advance, while others opted to suspend purchases.

At present, the production of resumed secondary lead smelters has not yet reached full capacity, and it takes time to accumulate spot inventory. Considering the intermittent rigid demand from downstream enterprises, it is expected that the finished product inventories of secondary lead smelters will remain stable next week.

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