SMM, September 11:
Lead prices continued to consolidate at highs, with the trading center edging down WoW. Profits on imported crude lead narrowed, and suppliers' quotes gradually firmed. As of this Friday, SMM crude lead CIF duty-paid prices (containing 0.1-0.35 Sb and 0.1-0.25 Sn) were at discounts of 250 to -50 yuan/mt against the SMM #1 lead average price, while cargoes without rich content were at discounts of 400-300 yuan/mt. Mainstream domestic secondary crude lead traded at around 14,650 yuan/mt ex-VAT delivered, with tax-inclusive discounts of 50-100 yuan/mt against the SMM #1 lead average price.
Looking ahead to next week, downstream battery enterprises will continue stockpiling before the dual holidays, and SHFE lead is expected to consolidate at highs. Imported crude lead suppliers remain willing to sell. Although their premiums are expected to narrow, the impact of these cargoes on the Chinese market will persist, making it difficult for domestic secondary crude lead sales pressure to ease significantly.
![[Cost side firm with falling by-product returns; few secondary lead spot orders quoted this week - SMM Secondary Refined Lead Weekly Review]](https://imgqn.smm.cn/usercenter/guTSZ20251217171722.jpg)
![Supply Tightens & Pre-Holiday Stockpiling: Secondary Lead Finished Product Inventories Continue to Decline [SMM Secondary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/lIHfM20251217171721.jpeg)
