SMM October 24:
After lead prices rose during the week, secondary lead smelters' scrap battery purchase prices did not follow the increase significantly. Recyclers held back from selling amid strong wait-and-see sentiment after observing lead price trends. The weekly operating rate of secondary lead maintained an upward trend, and raw material demand also continued to increase. On Friday, some smelters raised their purchase quotations by 30-50 yuan/mt. Currently, the mainstream tax-included price for secondary lead smelters purchasing scrap e-bike lead-acid batteries is 9,950-10,100 yuan/mt, with further room for increase.
Supply of domestic secondary crude lead was tight, especially in central regions such as Hebei and Henan. As of October 24, 2025, the mainstream ex-factory price of secondary crude lead ranged from 16,000 to 16,100 yuan/mt. The import window remained open, with overseas crude lead continuously flowing into the domestic market. Secondary lead and alloy smelters in eastern regions were active in purchasing, with delivered crude lead quotations at discounts of 200-0 yuan/mt against the SMM #1 lead average price. Attention is being paid to the impact of imported crude lead on domestic secondary crude lead prices.
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