SMM August 22 News:
The secondary refined lead market had limited available supply, and suppliers were not very active in selling. There were few quotes during the week, and transactions were difficult. The mainstream transaction prices for ex-factory prices including tax were at a discount of 25-0 yuan/mt against the SMM #1 lead average price, while the ex-factory prices excluding tax were around 900 yuan/mt lower than the SMM #1 lead average price. Due to the relatively small price difference between primary lead and secondary refined lead, downstream enterprises preferred just-in-time procurement from the primary market, leaving secondary refined lead without a competitive edge.
As lead prices fluctuated, the decline in waste lead-acid battery prices was limited, and most smelters still settled at pre-decline prices, resulting in no narrowing of the loss range for secondary lead producers. As of August 22, 2025, the theoretical profit and loss value for large-scale secondary lead producers was -445 yuan/mt, and for medium and small-scale secondary lead producers, it was -665 yuan/mt.
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