Spot order market activity remained relatively mediocre, with secondary refined lead smelting profits showing signs of weakening. [SMM Secondary Refined Lead Weekly Review]

SMM October 17:

This week, the mainstream discount price for spot orders of secondary refined lead was 50-0 yuan/mt under the SMM #1 lead average price, with discounts reaching up to 100 yuan/mt for limited supplies in central, south, and east China. The mainstream price for non-tax-included refined lead stood at 15,700-15,750 yuan/mt. Suppliers' willingness to sell was generally mediocre during the week, especially as lead prices weakened in the latter half, dampening their enthusiasm for offering. Downstream battery producers maintained rigid demand restocking, with limited transactions concluded for low-priced supplies. Overall, trading activity in the spot secondary lead market remained relatively subdued. Waste lead-acid battery prices edged up slightly, while lead prices struggled to rise due to tepid downstream consumption, and secondary lead smelting profitability showed signs of weakening. As of October 17, 2025, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was -120 yuan/mt, and for small and medium-sized enterprises, it was -336 yuan/mt (by-product revenues in the model exclude tin and antimony).

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