SMM November 28:
As of November 27, 2025, weekly finished product inventories of secondary lead fell 2,000 mt WoW to 300 mt, continuing to hit a new low since 2021. Since mid-to-late September, weekly finished product inventories of secondary lead smelters have remained below 10,000 mt. Although production resumptions at some large secondary lead smelters provided some supply to the spot order market during this period, they failed to change the actual situation of tight supply of spot secondary refined lead. Currently, both secondary lead and primary lead have seen additional smelters halt production, and spot supply in the market remains limited. With downstream battery producers maintaining rigid demand restocking, finished product inventories of secondary lead smelters are expected to remain low next week.
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