SMM, September 19:
At this stage, spot supply of secondary refined lead is relatively limited, and some suppliers are holding back sales due to bullish sentiment. In east and north China, the mainstream ex-factory prices for secondary refined lead, including tax, were at a discount of 50-0 yuan/mt against the SMM #1 lead average price, while in southwest and south China, discounts ranged from 170-50 yuan/mt. The mainstream ex-factory prices excluding tax were 15,750-15,850 yuan/mt. Downstream enterprises primarily purchased primary lead, with secondary refined lead as a supplement, and spot transactions were generally weak this week. In addition, primary lead smelters added maintenance, and spot orders were generally at a premium against the SMM #1 lead average price for self pick-up. Once the price spread widens, downstream purchasing preferences may partially shift back to the secondary market.
Downstream e-bike consumption improved MoM from August, and lead prices fluctuated upward; meanwhile, prices in the waste lead-acid battery market fell due to weak demand from secondary lead smelters' production halts. This led to a recovery in the loss range for secondary lead smelters, with most secondary lead smelting profits approaching the break-even line. As of September 19, 2025, the comprehensive theoretical profit/loss for large-scale secondary lead enterprises was 31 yuan/mt, while for small and medium-sized enterprises it was -181 yuan/mt. With the National Day and Mid-Autumn Festival holidays approaching, pre-holiday stockpiling demand from downstream battery producers pushed lead prices to fluctuate upward; meanwhile, expectations for secondary lead smelters to resume production are concentrated in early October, and secondary lead enterprises' smelting profits may continue to improve in late September.
》Order to View SMM Metal Spot Historical Prices
