During the week, the discount for spot orders of secondary lead slightly widened, while lead smelting profits remained relatively substantial. [SMM Secondary Refined Lead Weekly Review]

SMM October 24:

Lead prices consolidated in the first half of the week, with mainstream ex-works offers for spot orders of secondary refined lead quoted at premiums of -50~0 yuan/mt against the SMM #1 lead average price. In the latter half of the week, lead prices rose sharply, and spot order discounts widened to -100~0 yuan/mt. Due to limited supply of spot lead ingots, some secondary lead suppliers held back sales amid bullish sentiment. Meanwhile, downstream enterprises became cautious about purchasing after the price increase, mostly waiting for long-term contract cargo pick-up next month, resulting in moderate refined lead transactions during the week.

After the sharp rise in lead prices, scrap battery prices had not increased significantly; after Friday's close, individual smelters raised scrap battery purchase prices by 30 yuan/mt. Currently, lead smelting profits are moderate. As of October 24, 2025, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was 260 yuan/mt, while that for small and medium-sized secondary lead enterprises was 45 yuan/mt (by-product revenues for tin and antimony are not included in the model).

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