SMM December 19:
Recyclers in major regions such as east China, north China, and central China reported low recycling volume of waste lead-acid batteries during the week, with tight supply in the market. Meanwhile, lead prices stopped falling and stabilized, showing a warming trend. However, secondary lead smelters adopted a wait-and-see attitude and did not significantly raise raw material procurement offers. The mainstream price for waste electric vehicle batteries (tax-included, delivered to smelters) currently stands at 9,750-9,900 yuan/mt. Recycling enterprises held strong sentiment to hold goods awaiting price increases, leading to a decline in the volume of waste lead-acid batteries delivered to smelters. SMM data showed that the weekly raw material inventory of secondary lead smelters decreased by 8,600 mt WoW.
Enterprises purchasing secondary crude lead to produce lead alloys indicated that the supply of domestic secondary crude lead and imported crude lead was limited during the week, and offers remained firm. As of December 19, 2025, the mainstream ex-factory tax-excluded offer for secondary crude lead (standard grade) was 15,700-15,750 yuan/mt. Under conditions of tight raw material supply, firm prices, and remaining upside room, domestic supply of secondary crude lead is expected to remain tight, with supplier offers more likely to rise than fall.
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