SMM, December 5:
After the Northern Hemisphere entered winter, the retirement volume of waste lead-acid batteries in North China significantly declined as temperatures dropped. Retailers reported a gradual decrease in the retirement of lead-acid batteries for e-bikes, while recyclers indicated that reduced supply has increased retailers' reluctance to sell, making purchases more difficult. Some smelters saw their daily raw material arrivals drop by 200 mt WoW. Currently, the mainstream tax-inclusive price of waste e-bike batteries arriving at smelters is 9,800-10,000 yuan/mt, and SMM expects further upside potential for waste lead-acid battery prices next week.
Spot orders for secondary lead smelters remain scarce, and offers for secondary crude lead remain firm. As of December 5, 2025, the mainstream ex-factory tax-exclusive offer for secondary crude lead (standard grade) was 15,900-16,000 yuan/mt. With lead prices rebounding amid fluctuations, subsequent attention should be paid to changes in the SHFE lead ratio. If import conditions improve, inflows of overseas crude lead could supplement the domestic market, potentially easing the supply-demand imbalance for secondary crude lead.
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