SMM November 28:
Finished product inventories at secondary lead smelters were at historically low levels, with tight supply of spot orders for secondary refined lead. The discount of secondary refined lead against the SMM #1 lead average price narrowed during the week, and some supplies even traded at an inverted price compared to primary lead. Mainstream quotations in east China and north China were at premiums of 0-50 yuan/mt ex-works against the SMM #1 lead average price, while mainstream ex-works quotations in south China, central China, south-west China, and north-west China were at discounts of 50-0 yuan/mt against the SMM #1 lead average price. After an abnormal pullback on Thursday, lead prices rose on Friday. Downstream battery producers made purchases on price dips and were cautious about potential future price increases. Overall, lead ingot procurement activity was better in the second half of the week than in the first half.
After lead prices pulled back during the week, smelting profits for secondary lead declined significantly, and some smelters showed obvious anxiety. However, as lead prices rose promptly on Friday and the cost of raw materials decreased due to gradual price reductions for waste lead-acid batteries, secondary lead smelting profits rebounded. As of November 28, 2025, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was 220 yuan/mt, while for small and medium-sized secondary lead enterprises it was 12 yuan/mt (by-product revenues for tin and antimony are not included in the model).
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