Secondary Lead Loss Margin Repair, Spot Trading Still Weak [SMM Secondary Refined Lead Weekly Review]

Published: Aug 21, 2026 17:32

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SMM August 21 news:

This week, the rebound in lead prices drove a marginal recovery of losses for secondary lead. As of August 21, the comprehensive profit/loss of SMM large-scale secondary lead enterprises was -263 yuan/mt, and that of small and medium-scale enterprises was -443 yuan/mt. Tight supply of scrap batteries pushed up raw material costs, limiting profit recovery. Downstream has not seen a substantial peak season, with just-in-time procurement as the main method. Primary lead diverted demand, resulting in mediocre performance in spot transactions. Looking ahead to next week, lead prices are expected to consolidate at highs. If scrap battery prices follow the rise, coupled with downstream still maintaining large discounts and just-in-time procurement of secondary refined lead spot orders, SMM believes that the expectation for further narrowing of the loss range for secondary lead smelters is limited.

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