Secondary Lead: Upstream and Downstream Expectations for Secondary Refined Lead Diverge, Limited Spot Discount Trades [SMM Lead Daily Review]

Published: Jul 24, 2026 13:09

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SMM July 24 news:

Market views were clearly divided today, with downstream enterprises suggesting that online prices be lowered by 150-200 yuan/mt; upstream suppliers hoped for stable prices, with a few firm offers quoted at 15,700 yuan/mt, and spot order availability was limited in the market. Downstream enterprises held a strong wait-and-see sentiment, choosing to purchase at lower levels when opportunities arose; actual transaction prices were at discounts of 50-100 yuan/mt against SMM #1 lead average price, while some park-based deliveries in east China were concluded at parity on a delivered basis. SMM secondary refined lead average price today was 15,550 yuan/mt, a discount of 25 yuan/mt against SMM #1 lead average price. Suppliers’ shipment sentiment stood at 0.8, while today's secondary refined lead purchase sentiment was 1.83 (historical data can be accessed via the database).

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