SMM reported on July 4:
As of July 3, 2025, the finished product inventories of secondary lead smelters stood at 25,900 mt, a decrease of 400 mt WoW. This week, the ex-factory, tax-included prices of secondary refined lead were trading at a discount of 120-0 yuan/mt against the SMM 1# lead average price, as suppliers' willingness to sell increased amid rising lead prices. Additionally, the operating rate of downstream lead-acid battery production rose, and the demand for cargoes self-picked up from production site of lead ingots improved, leading to a decline in the finished product inventories of secondary lead smelters.
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