SMM, July 24:
This week, secondary refined lead EXW transaction prices were at discounts of 100~50 yuan/mt against the SMM #1 lead average price, and deliveries at parity within industrial parks were transacted. Some suppliers held prices firm and held back from selling, with quotations at premiums of 75~125 yuan/mt against the SMM #1 lead average price, or even halted shipments. Raw material prices declined in tandem, but smelters remained deep in losses. As of July 24, 2026, the theoretical comprehensive profit/loss value stood at -498 yuan/mt for large-scale secondary lead enterprises and -679 yuan/mt for small and medium-sized ones. Looking ahead to next week, expectations for secondary lead production cuts persist, with most cargo owners continuing to hold back from selling and waiting on the sidelines. The remaining supplies are expected to transact at discounts of 50 yuan/mt to parity. Lead price rebound space is limited, and the loss situation for smelters will be hard to reverse in the short term.
