In April 2026, China's secondary lead production showed a pattern of MoM rebound and YoY decline. Monthly secondary lead production was up 12.72% MoM and down 24.61% YoY; secondary refined lead production was up 8.7% MoM and down 33.14% YoY significantly.

SMM April 30 update: Lead prices fluctuated at highs before pulling back this week, with secondary refined lead generally trading at discounts. Early in the week, smelter maintenance increased and regional supply tightened, with quotes maintained at a discount of 80 yuan/mt to a premium of 50 yuan/mt. Downstream buyers saw weak rigid demand ahead of the holiday, and market trading was sluggish. From mid-week to the weekend, lead prices weakened. Raw material cost support narrowed quotes to a discount of 50 yuan/mt to a premium of 50 yuan/mt, as downstream enterprises gradually went on holiday and spot cargo transactions remained weak. Regional secondary lead supply contracted as smelters held prices firm on shipments. Combined with stable scrap battery procurement prices, smelting costs pulled back somewhat, and losses were slightly repaired. As of April 30, large enterprises posted losses of 109 yuan/mt, while small and medium-sized enterprises posted losses of 309 yuan/mt. Next week, scrap battery raw material inventory will remain tight, some smelters will cut production, and secondary lead supply will contract. Downstream consumption will remain weak, the weak supply-demand pattern on both sides will continue, and industry losses will be difficult to improve. Secondary refined lead is expected to maintain a discount of 50-0 yuan/mt.

SMM April 30 update: This week, mainstream transaction prices of domestic ordinary secondary crude lead (tax-exclusive) were 15,250-15,350 yuan/mt, with overall subdued downstream procurement. Previously contracted imported crude lead arrived at ports, supplementing the spot market. The current lead import window is closed, with very few new orders signed. Looking ahead to next week, secondary lead supply in China is expected to remain generally stable, and the inflow of ex-China sources is expected to further pull back.

SMM, April 30: The most-traded SHFE lead 2606 contract opened at 16,660 yuan/mt intraday. Prices moved sideways within 16,605-16,665 yuan/mt in early trading, dipped slightly in later trading to a low of 16,575 yuan/mt, and rebounded slightly near the close, ultimately settling at 16,630 yuan/mt, down 115 yuan/mt or 0.69%. Lead prices were under pressure and in the doldrums before the Labour Day holiday, with sluggish trading and weak demand. In the early post-holiday period, primary lead inventory buildup and warrant transfers will continue to weigh on prices. From mid-to-late May, as primary lead maintenance, sustained secondary lead production cuts, and sharp import declines take effect, supply contraction will gradually emerge, providing rebound momentum for lead prices. SMM expects lead prices to remain in the doldrums in the short term. Data source disclaimer: Data other than publicly available information is derived from publicly available information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

SMM News, April 30: From April 24 to April 30, 2026, SMM data showed that the weekly operating rate of secondary lead in four provinces in China was 40.54%, down 4.6 percentage points WoW. Maintenance pace diverged among Anhui smelters, with one resuming production after prior maintenance and another halting due to equipment failure. The operating rate in Anhui edged up 1.7 percentage points this week and is expected to pull back 2.4 percentage points next week. In Henan and Inner Mongolia, some enterprises cut production due to insufficient raw materials. A large smelter in Jiangsu halted production, dragging down the regional operating rate by 17.23% next week. The overall operating rate next week is expected to decline 6.8 percentage points WoW.

SMM April 30 News: As of April 30, secondary lead finished product inventories stood at 18,000 mt, edging up 320 mt from April 23. Downstream enterprises largely completed their earlier stockpiling, and purchase willingness was subdued this week ahead of the holiday, driving a slight inventory buildup in finished product inventories. Looking ahead to next week, multiple secondary lead smelters plan to halt production for maintenance, and supply tightens; meanwhile, downstream enterprises will also enter the holiday with weak demand, and secondary lead inventory is expected to maintain a tight balance.