SMM, November 21:
The mainstream tax-inclusive price of waste e-bike lead-acid battery scrap delivered to smelters currently stands at 9,900-10,050 yuan/mt. As the weather turns colder, the retirement volume of lead-acid batteries used in e-bikes has entered the off-season, leading to reduced collection by recyclers. Smelters report that while recyclers' willingness to sell remains moderate, daily arrivals are only sufficient to support normal production, making it difficult to increase raw material inventory. Overall, the price of waste lead-acid batteries still has room to rise in the near term.
Spot supply of domestically produced secondary crude lead is scarce, and suppliers' offers remain firm. As of November 21, 2025, the mainstream ex-works tax-excluded price of secondary crude lead (standard grade) was 15,850-15,950 yuan/mt. SHFE lead consolidated at low levels, the import window for lead ingots remained closed, and inflows of overseas crude lead slowed down recently due to geopolitical factors.
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