SMM reported on August 8:
As of August 7, 2025, the finished product inventories of secondary lead smelters stood at 18,300 mt, a decrease of approximately 800 mt WoW. This week, lead prices first declined and then rebounded. The sentiment of refined lead suppliers to sell improved somewhat, but remained relatively limited. Downstream enterprises adopted a wait-and-see attitude and exercised caution in procurement, with just-in-time procurement leaning towards the primary lead market. As a result, the inventory digestion at secondary lead smelters' warehouses was limited. Given the lack of significant improvement in downstream consumption, it is expected that there will be no major changes in the sentiment of battery producers to purchase lead ingots next week. In particular, secondary lead suppliers, facing high costs, have maintained firm quotes, leading to a simultaneous increase in transaction pressure. SMM predicts that the inventory at secondary lead smelters' warehouses may accumulate slightly next week.
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