SMM May 22 update:
Scrap battery prices this week fluctuated in line with spot lead prices, initially declining before stabilizing and then rising toward the end of the week. At the beginning of the week, lead prices weakened, and smelters lowered mainstream scrap battery procurement prices by 60-70 yuan/mt. Recyclers panic-sold their goods, and smelter inventory rebounded. Mid-week, arrivals tightened, quotes reached a stalemate, and most smelters maintained stable prices. Approaching the weekend, lead prices strengthened, and east China smelters took the lead in raising EV battery procurement prices by 50-60 yuan/mt, while other regions had yet to follow.
Looking ahead to next week, end-user retirements are expected to remain sluggish. Smelter inventory pulled back somewhat in the mid-to-late part of this week, and restocking demand for raw materials is expected to provide support for procurement prices. Scrap battery prices are expected to fluctuate with a stable bias.
![Macro Situation Improves, Lead Prices in and outside China Stop Falling and Rebound [SMM Lead Morning Report]](https://imgqn.smm.cn/usercenter/xVUpr20251217171722.jpg)
![Macro and Fundamental Bullish and Bearish Factors Coexist, Lead Prices Expected to Consolidate [SMM Lead Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/lIHfM20251217171721.jpeg)
![This week, primary and secondary smelter maintenance increased, and the weak supply-demand pattern persisted [Lead Futures Brief Review]](https://imgqn.smm.cn/usercenter/XMxKT20251217171720.jpeg)
