SMM, November 21:
Spot secondary refined lead supply was scarce. Suppliers' tax-included offers narrowed to a discount of 50-0 yuan/mt against the SMM #1 lead average price. Some delivered cargoes were offered at a premium higher than primary lead. Downstream battery producers showed moderate inquiry interest, but spot purchases leaned toward the primary lead market. With secondary lead finished product inventories at historically low levels and no expectations for supply relief next week, the discount of secondary lead against the SMM #1 lead average price is likely to remain stable or even narrow slightly.
Waste lead-acid battery recyclers showed moderate sales enthusiasm this week. Raw material arrivals at secondary lead smelters were stable, and procurement offers were slightly lowered. Due to the significant WoW decline in lead prices, secondary lead smelting margins narrowed. As of November 21, 2025, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was 169 yuan/mt, while that for small and medium-sized enterprises was -43 yuan/mt (by-product revenues in the model exclude tin and antimony).
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