SMM September 26:
As the Mid-Autumn Festival and National Day holiday approaches, coupled with the farming season in the north, some recyclers slowed down their recycling business, while producers' willingness to stockpile before the holiday increased. Additionally, production resumptions of secondary lead smelters that previously halted are expected to be concentrated after the holiday, and some operating smelters feared price increases in the future, leading them to raise purchase offers for waste lead-acid batteries within the week. The mainstream market price for scrap e-bike lead-acid batteries with tax was 9,900–10,050 yuan/mt. According to some downstream lead-acid battery producers, consumption of EV batteries improved at this stage, but the retirement volume in the scrap battery market showed no significant improvement.
Although domestic secondary crude lead prices remained firm, they pulled back slightly due to supplementary imports. As of September 26, 2025, the mainstream ex-factory price for secondary crude lead was 15,750–15,850 yuan/mt. In addition, due to increased inflows of imported lead ingots, self pick-up offers for overseas arrivals this week pulled back WoW; for example, Japanese crude lead arriving at Shanghai port was quoted at parity or small premiums against the SMM #1 lead average price last week, but this week's offers were at discounts of 150–100 yuan/mt against the SMM #1 lead average price.
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