[SMM Market Update] Lead-acid battery end-use consumption is sluggish, with weak purchasing demand for lead ingots and lead alloys. Some refined lead and alloy smelters have cut or halted production; meanwhile, domestic secondary crude lead smelters are under sales pressure. Going forward, attention should be paid to the opening of the import window; if imported crude lead flows in significantly, the sales pressure on domestic secondary crude lead smelters will intensify.

SMM May 15 News: This week, the mainstream tax-exclusive transaction price of domestic ordinary secondary crude lead was concentrated around 15,250 yuan/mt. Affected by environmental protection checks in some regions, a small number of smelters implemented production cuts or suspensions, and spot supply in the market tightened somewhat. Downstream refined lead and alloy enterprises saw weak end-user orders, with overall subdued purchase willingness for secondary crude lead raw materials. Currently, the import window for crude lead is closed, and most cargoes arriving at ports are carryover orders from last month. Looking ahead to next week, spot secondary crude lead circulation is expected to remain tight. Combined with insufficient downstream purchase enthusiasm, the market supply-demand landscape is expected to maintain a tight balance.

SMM April 17 News: The cost side provided support for lead prices this week, with expectations for both imported and domestic secondary crude lead to hold prices firm. Domestic regular secondary crude lead was mainly transacted at 15,300-15,350 yuan/mt excluding tax, and at a discount of around 75 yuan/mt to the SMM #1 lead average price including tax. Imported crude lead (containing 0.2 Sb, 0.3 Sn) was at a discount of around 50 yuan/mt. Downstream refined lead and alloy smelters purchased on rigid demand, mainly from imported sources. The SHFE/LME price ratio narrowed and the imported lead premium rose. It is expected that the inflow of imported refined lead will decrease going forward, but as March orders were relatively large, some cargoes will still arrive at ports in April.

SMM April 10 update: Lead prices fluctuated this week due to geopolitical tensions and the consumption off-season, with scrap battery purchase prices remaining largely stable overall. Early in the week, some large and mid-sized smelters slightly raised prices to restock. Mid-week, lead prices rose but producers held off and did not follow suit. By the weekend, lead prices pulled back, yet smelters did not lower purchase prices in tandem due to tight supply. In early April, the recycling side slightly raised prices, with waste e-bike battery recycling prices up 20-80 yuan/mt compared to late March. Next week, some smelters plan to cut production due to low raw material levels. Restocking demand from smelters that have not cut production will support scrap battery prices, but upside room is limited by cost and profit constraints, with prices expected to remain largely stable in the short term. Domestic secondary crude lead quotes remained firm, with downstream refined lead and alloy smelters maintaining rigid-demand purchases. Actual tax-exclusive transactions during the week fluctuated around the 15,350 yuan/mt range. Affected by geopolitical factors and China's consumption off-season, import lead profit margins narrowed, and quote activity pulled back notably this week. SMM expects that cost-side factors will provide price support next week, with both imported and domestic secondary crude lead having expectations of holding prices firm. 》Subscribe to view SMM metal spot cargo historical prices

SMM February 13: Waste lead-acid battery enterprises entered the holiday period, and the recycling market nearly halted. During the week, a few recyclers cleared inventory and arranged shipments to smelters; smelters that maintained purchasing planned to reduce their purchase prices for waste electric batteries by 50-100 yuan/mt by the end of this week. Trading activity in the lead market is expected to drop to a freezing point next week, with recycling enterprises projected to resume operations after the Lantern Festival. Trading sentiment in the secondary crude lead market was relatively cold during the week, with both offers and inquiries sparse. As of February 13, 2026, domestic secondary crude lead was offered ex-factory, excluding tax, at around 15,350 yuan/mt. Downstream refined lead and alloy smelters had basically entered the holiday, with only a few enterprises buying the dip. After the holiday, overseas lead ingot shipments to China resumed, and attention is focused on the demand-side recovery of China's secondary crude lead market. 》Order to View SMM Metal Spot Historical Prices

The domestic secondary crude lead market experienced sluggish transactions. As of February 6, 2026, the ex-factory tax-exclusive offers for domestic secondary crude lead stood at 15,250-15,400 yuan/mt. Downstream refined lead and alloy smelters gradually entered the holiday period, showing weak stockpiling willingness. Overseas lead ingot suppliers basically halted transactions with China due to poor consumption in the Chinese market, with only some previously concluded shipments maintaining normal in-transit transportation. The trading atmosphere in the secondary crude lead market will continue to weaken next week.