SMM, November 21:
As of November 20, 2025, the weekly finished product inventories of secondary lead decreased by 2,000 mt WoW to 2,400 mt, hitting the lowest level since 2021. Currently, spot orders of secondary lead are tight in the market. Coupled with the impact of environmental protection-related controls and expectations of declining raw material supply, secondary lead smelters may further reduce or halt production, and the supply of spot secondary lead is unlikely to ease significantly in the short term. Downstream lead-acid battery producers maintain rigid demand for restocking. It is expected that the finished product inventories of secondary lead smelters will remain at low levels next week.
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