There were significant differences in the sales quotations of secondary refined lead. The decline in scrap battery prices slightly narrowed the smelters' loss margins. [SMM Secondary Refined Lead Weekly Review]

Published: Sep 5, 2025 17:24

Save

SMM September 5:

This week, secondary smelters had limited spot orders available due to widespread production cuts and suspensions. Regional selling price disparities were notable, with Hunan, Guangxi, and Jiangxi offering discounts of 200-100 yuan/mt against the SMM #1 lead average price, while north China mainly traded at parity or minor discounts, with a few still quoting premiums of 25-50 yuan/mt. Ex-factory prices excluding tax were around 1,000 yuan/mt below the SMM #1 lead average price. Downstream enterprises adopted a cautious wait-and-see approach, resulting in generally muted overall transactions.

Lead prices remained range-bound, with low production enthusiasm among secondary lead smelters. Increased production cuts and suspensions led to declining scrap battery demand, prompting lower procurement offers for waste lead-acid batteries. Smelters' losses narrowed slightly WoW. As of September 5, 2025, the comprehensive theoretical profit/loss for large-scale secondary lead enterprises stood at -300 yuan/mt, while medium and small-scale enterprises recorded -516 yuan/mt.

》Subscribe to view SMM metal spot historical prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 19:50

Lead Prices Stagnant, Smelters Maintain Firm Offers Amid Losses

Lead prices were in the doldrums, while secondary lead smelters maintained firm offers due to losses. The mainstream spot order ex-factory prices including tax narrowed the discount to the SMM #1 lead average price by 100 yuan/mt, shifting to a premium of 0–25 yuan/mt, with some smelters halting offers and sales.

Feb 6, 2026 19:50

Feb 6, 2026 19:49

"Domestic Secondary Crude Lead Market Slows as Holidays Approach, Smelters Halt Production"

Pre-holiday stockpiling by downstream enterprises had largely concluded, and a few had already entered the holiday period, completely suspending procurement. Next week, secondary lead smelters will enter a concentrated wave of production halts and holidays, resulting in sluggish trading activity in the spot market. Offers for spot refined lead orders were sparse, with prices moving in line with the market.

Feb 6, 2026 19:49

Feb 6, 2026 19:48

Sluggish Transactions in Domestic Secondary Crude Lead Market, Prices at 15,250-15,400 Yuan/mt

The domestic secondary crude lead market experienced sluggish transactions. As of February 6, 2026, the ex-factory tax-exclusive offers for domestic secondary crude lead stood at 15,250-15,400 yuan/mt. Downstream refined lead and alloy smelters gradually entered the holiday period, showing weak stockpiling willingness. Overseas lead ingot suppliers basically halted transactions with China due to poor consumption in the Chinese market, with only some previously concluded shipments maintaining normal in-transit transportation. The trading atmosphere in the secondary crude lead market will continue to weaken next week.

Feb 6, 2026 19:48