Secondary refined lead suppliers showed low enthusiasm for quoting, and secondary lead smelting profits showed a narrowing trend. [SMM Secondary Refined Lead Weekly Review]

SMM October 31:

This week, the mainstream ex-works spot order quotations for secondary refined lead against the SMM #1 lead average price were at discounts of 50-0 yuan/mt. Quotation differences in Central China were significant, with both premiums of 20 yuan/mt and discounts of 100 yuan/mt existing. Additionally, finished product inventories at secondary lead smelters did not accumulate significantly, and spot order supply was limited with low quotation enthusiasm. Downstream battery producers adopted a wait-and-see approach and purchased cautiously, and refined lead transactions during the week were average.

As scrap battery prices had not generally followed the increase and lead prices fluctuated rangebound, most smelters remained profitable. As of October 31, 2025, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was 160 yuan/mt, while for small and medium-sized secondary lead enterprises it was -56 yuan/mt (by-product revenues in the model exclude tin and antimony). Notably, production resumptions at some large smelters next week, combined with the commissioning of new and expanded capacity, may gradually loosen secondary lead supply; if intensified competition for scrap batteries increases raw material costs for enterprises, secondary lead smelting profits may deteriorate.

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