[SMM Announcement] Announcement on the Launch of SMM Lead-Antimony Alloy (Henan) Regional Price

Dear Users:

Hello!

Thank you for your continued attention and support for Shanghai Metals Market (SMM)! The SMM lead-antimony alloy price already covers the national market and four key regions: Jiangsu, Hebei, Shandong, and Guangdong, and is widely used as a benchmark for quotation and settlement. A survey revealed that Henan province accounts for over 20% of the national lead alloy capacity. To fill this regional gap and enhance the price system, SMM plans to officially launch the "Lead-Antimony Alloy (Henan)" price starting November 25, 2025, providing the market with a more comprehensive and accurate reference.

I. General Principles of the SMM Price Assessment Methodology

Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service organization that does not participate in any substantive transactions. It maintains close communication with buyers or sellers in the market as an observer or organizer and provides relevant services to the market. Through communication with industry participants, SMM continuously formulates, reviews, and revises its methodology, adopting the most common product specifications, trade terms, and trade conditions in the industry, and giving equal importance to normal transactions that meet the standard specifications. SMM reserves the right to exclude any price data information deemed less reliable or unrepresentative from its price assessments.

Shanghai Metals Market reports daily spot transaction prices in the domestic Chinese spot market, commonly known as SMM prices. SMM prices are generated strictly in accordance with specific methodologies. Shanghai Metals Market has methodological definitions for all the metal product prices it reports. All methodologies and definitions are publicly available on the official website of Shanghai Metals Market ( price reporting.

The Shanghai Metals Market price assessment methodology is the basis and foundation for the generation of SMM prices. To align with the actual conditions of the spot market, Shanghai Metals Market will make necessary amendments to the price methodology. Any changes to the price methodology will be announced on the Shanghai Metals Market official website at least 30 days in advance. For any questions or suggestions regarding SMM prices or the price methodology, please contact the Shanghai Metals Market customer service as published online.

This document specifies the formulation standards and management methods for the SMM Lead-Antimony Alloy (Henan) price. The purpose of establishing this standard by SMM is to create a transparent and verifiable mechanism for SMM price formulation, providing market participants with an important pricing indicator.

II. Formation of the SMM Lead-Antimony Alloy (Henan) Price

2.1. Definition

The SMM Lead-Antimony Alloy (Henan) price is formed and published by SMM according to this methodology. This price is denominated in yuan/mt, inclusive of 13% VAT, and reflects the ex-works, self pick-up guidance price for lead-antimony alloy in the Henan spot market on each working day.

2.2. Product Specifications

Lead-antimony alloy is an antimony-containing lead alloy used in the production of lead-acid battery grids and conductive components. Compared to pure lead, it has a lower melting point, good liquidity in the molten state, and is easy to cast; after solidification, it exhibits high hardness. The disadvantage is that the grid has a low overpotential for gas evolution. To reduce gas evolution during battery charging, minimize self-discharge, and improve corrosion resistance, the antimony content has been gradually reduced from the traditional 5%–7% to around 2% or even lower. At the same time, small amounts of other components such as tin, arsenic, sulfur, selenium, and copper are selectively added to improve the alloy's physical and chemical properties. The SMM lead-antimony alloy (Henan) price specification is ZSPbSb1, with reference to the national standard for secondary lead and lead alloy ingots, "GB/T 21181-2017".

2.3. Generation of the Quotation Method

SMM price collection staff collect price quotes and related data for lead-antimony alloy in the Henan region from price submitters' designated contacts via phone, QQ, and WeChat each trading day (aligned with SHFE trading days) between 10:30 and 11:20 (price data submitted after 11:20 cannot be used as a basis for that day's price assessment). All instant messaging content, email communications, and records of any face-to-face communication are archived; details of telephone conversations are summarized and entered into the database. All paper records must be signed by the price collection staff and retained permanently. SMM price analysts collect price data in accordance with price collection standards, and the resulting preliminary price data are combined with factors such as the corresponding market's spot cargo conditions, futures market conditions, policies, industry status, market transactions, supply and demand, inventory levels, and other major political, economic, and natural factors to ultimately produce a preliminary raw dataset.

SMM price analysts must comply with relevant SMM compliance policies when reporting to their supervisors any communication from market participants that is coerced or threatening, or any form of induced offer attempting to influence the assessment results.

2.4. Price Publication

The SMM lead-antimony alloy (Henan) price is published on the Shanghai Metals Market official website in both Chinese and English before 11:30 Beijing time each day (excluding Chinese statutory holidays and weekends).

The deadline for price collection is 11:20 Beijing time. The 10-minute period between 11:20 and 11:30 is used for data verification and assessment calculations to finalize the published lead-antimony alloy (Henan) price. SMM encourages price submitters not to wait until the last moment to submit data, to ensure that SMM price analysts have sufficient time to verify the data and incorporate it into the valuation process. The release time may also be affected by various emergencies and force majeure factors, such as power outages and natural disasters. If such a situation occurs, SMM will make every effort to promptly inform the market of the delayed price release time. The prices published by SMM are available to any customer who has subscribed to SMM services. The prices published by SMM are protected by copyright and may not be distributed or used for commercial benefit by any third party that has not entered into an explicit agreement with SMM.

III. Methodology Changes

All markets are evolving, and SMM has a responsibility to ensure that the methodologies tailored to the markets change in sync with them. Therefore, SMM regularly conducts internal reviews on the appropriateness of its methodologies based on industry feedback, and makes revisions to all substantive but non-urgent potential issues. SMM will follow a formal external consultation process before announcing significant changes, providing a notice period of at least 28 days to invite industry participants to comment, unless special circumstances, particularly force majeure (such as natural disasters, war, exchange bankruptcy, etc.), result in a shortened notice period. SMM is committed to carefully considering all comments received regarding methodology changes; however, in certain cases, it may be necessary to proceed with changes to the methodology against the wishes of some market participants. Additionally, SMM has a formal methodology consultation process in place.

We fully recognize the importance of price information for the development of the industry and will continue to invest resources to ensure that the published guidance prices maintain high accuracy and timeliness. At the same time, we welcome valuable opinions and suggestions from users, and look forward to working together to promote the healthy and sustainable development of the lead alloy market. Best regards!

SMM Industry Research - Lead and Zinc Products

Nov 18, 2025