In 2025, SMM expects global secondary refined lead production to exceed 8.3 million mt, accounting for 66% of the total global refined lead supply. Globally, secondary lead has surpassed primary lead as the main supply source, which is the most significant structural feature of the global lead industry.

Downstream battery producers showed lukewarm stockpiling intentions before the Chinese New Year, and finished product inventories at secondary lead smelters remained under pressure. Meanwhile, prices of waste lead-acid batteries stayed high and were slow to decline, making it difficult for smelters to alleviate cost pressures. Loss-making conditions dampened production enthusiasm among secondary lead smelters, and most enterprises have already formulated holiday plans. According to SMM, some secondary lead enterprises scheduled their holidays around 5 days earlier YoY compared to last year.