Secondary Refined Lead Spot Orders Saw Moderate Trading, Lead Prices Fluctuated at Highs, Secondary Lead Smelting Profits Increased Significantly [SMM Secondary Refined Lead Weekly Review]

SMM November 14:

Spot order offers for secondary refined lead with tax widened their discounts slightly during the week, ranging from a discount of 120 yuan/mt to parity against the SMM #1 lead average price. The mainstream ex-works offers without tax were 16,050-16,150 yuan/mt. Downstream enterprises' willingness to inquire improved after lead prices retreated following a rapid rise on Friday compared to the first half of the week, but wait-and-see sentiment remained strong, and they continued to restock based on rigid demand. In the spot lead ingot market, both buyers and sellers tested each other, resulting in moderate transactions during the week.

Currently, most large secondary lead smelters reported that arrivals of waste lead-acid batteries were moderate, and procurement offers were not raised along with the surge in lead prices this week. With stable raw material costs and lead prices fluctuating at highs, smelting profits for secondary lead increased significantly during the week. As of November 14, 2025, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was 361 yuan/mt, while that for small and medium-sized secondary lead enterprises was 146 yuan/mt (by-product revenues in the model exclude tin and antimony).

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