SMM November 7:
Spot supply of secondary refined lead in the market was limited, and smelters still focused on long-term contract deliveries, with relatively few spot order quotations during the week. This week, mainstream spot order ex-works quotations for secondary refined lead were at premiums of -50~0 yuan/mt against the SMM #1 lead average price. Quotation differences in Central China were significant, with both premiums of 50 yuan/mt and discounts of 100 yuan/mt existing. Downstream battery producers mainly picked up goods under long-term contracts, and their willingness to purchase spot orders was low.
As prices of waste lead-acid batteries fluctuated relatively little during the week, costs for secondary lead smelters remained stable. With lead prices fluctuating at highs, the comprehensive profit/loss of secondary lead smelters was positive. As of November 7, 2025, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was 222 yuan/mt, while that for small and medium-sized secondary lead enterprises was 7 yuan/mt (by-product revenues in the model do not include tin and antimony).
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