SHANGHAI, Nov 22 (SMM) - The profits of secondary refined lead shrank as the lead prices fell below 15,000 yuan/mt, and the discounts narrowed.
The lead prices kept falling in the first half of the week, and the quotations of secondary refined lead were mainly at discounts of 100-150 yuan/mt over the SMM average price of 1# lead. The market transactions were moderate as the downstream users purchased on rigid demand.
The lead prices kept falling unexpectedly in the second half of the week, and fewer smelters quoted for the secondary refined lead. The mainstream quotations were at discounts of 50-0 yuan/mt (tax included, ex-factory). The downstream purchase decreased as they turned to purchase primary lead amid narrowed price spread between refined and secondary lead.
The mainstream tax-included quotations rebounded approaching the weekend, and some smelters quoted at a premium of 30 yuan/mt (ex-factory). While the downstream purchases were thin and made on demand.
The production of secondary lead recovered significantly from power rationing last week, and the expectations of increasing supply forced down the lead prices. However, the price decline of lead-acid battery scrap was limited as the holders reduced shipments. The profits of secondary refined lead smelters continued to shrink. As of November 19, the profits of secondary refined lead smelters fell to 100-350 yuan/mt based on the full costs.
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