Secondary Lead: Suppliers' Willingness to Sell Varies Significantly, Downstream Adopts Wait-and-See Approach and Procures Cautiously [SMM Lead Midday Commentary]

Published: Sep 15, 2025 11:50

Save

SMM September 15:

The SMM #1 lead average price increased by 175 yuan/mt WoW to 16,950 yuan/mt. Mainstream secondary refined lead supplies in east and north China were at a discount of 50-0 yuan/mt against the SMM #1 lead average price, while discounts in Guangxi, Hunan, and nearby regions were around 75 yuan/mt. The mainstream ex-tax prices ranged from 15,750 to 15,850 yuan/mt. After the lead price rose, some secondary refined lead suppliers showed improved willingness to sell, with increased quote activity; however, some suppliers held back sales anticipating further price increases, offering neither quotes nor goods. Downstream battery producers adopted a wait-and-see approach and purchased cautiously. Today's refined lead transactions varied, and overall trading activity showed relatively small changes compared to last Friday based on the comprehensive purchase-sale index. The procurement sentiment for secondary refined lead was 0.71, and the sales sentiment was 1.11 (historical data can be queried in the database).

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

20 hours ago

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.

20 hours ago

"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.

20 hours ago

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.

20 hours ago