SMM November 28:
Lead prices were in the doldrums this week. Secondary lead smelters lowered their procurement offers, with the mainstream price for waste EV batteries (tax-included) arriving at smelters currently at 9,800-9,950 yuan/mt. Waste lead-acid battery recycling enterprises, fearing price declines, sold off cargo. Secondary lead smelters reported good arrivals of raw materials. Some smelters in North China indicated that, as lead-acid batteries for EVs entered the retirement off-season, arrivals were overall satisfactory even though recyclers' willingness to sell increased.
Trading activity for overseas crude lead was lukewarm, with recent port arrivals mostly consisting of previously concluded orders. Domestic secondary crude lead smelters generally reported having pre-sold orders to be delivered, with no spot orders currently available for sale. Offers were scarce during the week. As of November 28, 2025, the ex-factory tax-excluded offer for secondary crude lead (standard grade) was 15,850-15,900 yuan/mt.
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