Secondary Lead: Downstream Battery Producers Adopt a Wait-and-See Approach with Cautious Purchasing, Showing Insufficient Enthusiasm in Both Inquiries and Procurement [SMM Lead Midday Review]

Published: Dec 22, 2025 11:31

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SMM December 22 News:

Today, the SMM #1 lead average price increased by 25 yuan/mt to 16,825 yuan/mt compared with yesterday. However, due to weak purchasing interest from downstream buyers, spot order quotations for secondary refined lead struggled to catch up. Mainstream tax-inclusive ex-works quotations remained at parity with the SMM #1 lead average price, while mainstream tax-exclusive refined lead ex-works quotations were around 15,700 yuan/mt. Downstream battery producers adopted a cautious wait-and-see approach, with limited enthusiasm for inquiries and purchases. Today, the purchasing sentiment for secondary refined lead was 1.38, while the selling sentiment was 0.53. (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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