Refinery Scrap Battery Purchase Prices Remain Stable, Crude Lead Import Margins Narrow, Secondary Crude Lead Supply Remains Limited [SMM Scrap Battery & Secondary Crude Lead Weekly Review]

SMM October 31:

Scrap battery purchase prices at secondary lead smelters remained relatively stable during the week, with only some smelters seeing increases. Retirements of waste lead-acid batteries were relatively stable, and recyclers' delivery enthusiasm was moderate, with most smelters reporting that raw material arrivals exceeded 60% of their daily lead ingot production. The mainstream tax-inclusive price of scrap e-bike lead-acid battery at secondary lead smelters stabilized at 9,950-10,100 yuan/mt, showing short-term stability.

LME lead inventory destocking exceeded 10,000 mt during the week, and LME lead fluctuated upward; domestic lead prices weakened due to declining downstream purchase willingness for lead ingots, and import profits for crude lead narrowed. Supply of domestic secondary crude lead remained limited, with few offers for standard material, while secondary crude lead containing small amounts of antimony and tin was priced 100-200 yuan/mt higher than standard material. As of October 31, 2025, the mainstream ex-factory tax-excluded price of secondary crude lead was 15,950-16,100 yuan/mt.

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