According to an SMM survey, from October 12 to October 18, the weekly operating rate of secondary lead in four provinces maintained an upward trend, increasing by 2.48 percentage points WoW. The downstream consumption of lead-acid batteries improved, boosting the production enthusiasm of secondary lead smelters. Last week, smelters in Anhui resumed production after maintenance, and the refined lead supply increased, with the regional operating rate rising by 3.46 percentage points. In Henan, some smelters slightly increased production due to ample raw material inventory, driving up the regional operating rate. The operating rate in Jiangsu remained stable, while in Inner Mongolia, some secondary lead smelters ramped up production, leading to a rise in the operating rate.
Currently, the battery scrap market has a moderate amount of retired batteries. Coupled with the decline in lead prices, the willingness of stores and recyclers to sell has improved. The raw material inventory of secondary lead smelters is relatively ample, and the procurement price of raw materials has been frequently adjusted downward recently. As of last Friday, the mainstream tax-inclusive procurement price of electric vehicle battery scrap at smelters ranged between 9,800-9,987 yuan/mt.
The profitability of secondary lead smelters has shown an upward trend. According to an SMM survey, if tax-free battery scrap is used as raw material, the sales profit per ton of lead ingots has turned positive, thus the production willingness of secondary lead smelters is relatively high.
Additionally, due to the increased operating rate of secondary lead smelters, the demand for battery scrap has risen significantly. SMM expects the price of battery scrap to continue rising this week. Some smelters in the main production areas for battery scrap dismantling indicated that the actual settlement price of e-bike battery scrap recently arrived is still around 9,850 yuan/mt. Currently, the raw material inventory is being consumed quickly, and the tax-free price of e-bike battery scrap might return to 9,600-9,650 yuan/mt, with the tax-inclusive price at 9,900-10,000 yuan/mt.
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