Secondary Lead: Limited Overall Quotations for Secondary Refined Lead, Some Enterprises Hold Few Spot Orders and Are Reluctant to Sell Due to Bullish Outlook [SMM Lead Midday Review]

Published: Nov 11, 2025 11:41

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SMM November 11 News:

The SMM #1 lead average price was flat from the previous day at 17,300 yuan/mt today, with limited overall offers for secondary refined lead, and some producers held back spot orders due to bullish sentiment. During the morning session, the mainstream spot order discount for secondary refined lead was at a discount of 50-0 yuan/mt to the SMM #1 lead average price, with some remote supply sources at a discount of 100 yuan/mt. The mainstream ex-factory offer excluding tax was 15,900-16,000 yuan/mt. Downstream battery producers mainly picked up goods under long-term contracts, and purchase willingness for spot orders was low. The purchase sentiment for secondary refined lead was 0.78 today, while the sales sentiment was 1.56 (historical data can be queried in the database).

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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