SMM July 17 News: This week, secondary refined lead EXW transaction prices were mainly at a discount to the SMM #1 lead average price. Smelters held back from selling due to losses, and price fluctuations during the week caused the discount/premium range to fluctuate between a discount of 50 yuan/mt and a premium of 30 yuan/mt. Industry losses widened first and then narrowed. As of July 17, 2026, the theoretical comprehensive profit/loss for secondary lead enterprises stood at -317 yuan/mt for large-scale producers and -497 yuan/mt for small and medium-scale producers. Next week, expectations for production cuts in secondary lead will support lead prices, and premiums/discounts may return to parity territory. However, the battery off-season combined with high scrap battery costs will make it difficult for losses to improve.

SMM July 17 news: As of July 16, secondary lead finished product inventories stood at 21,300 mt, down about 300 mt WoW. Lead prices fell first and then rose this week, with downstream buying sentiment improving mid-week; combined with low production operation on the supply side, enterprise in-factory inventory growth was limited. Looking into next week, some enterprises in North China intend to halt production, and the supply side is expected to tighten, keeping finished product inventories stable to lower.

It is understood that as of July 16, the in-factory inventory of major primary lead delivery brands was 17,100 mt, down 2,400 mt WoW. This week, production at primary lead smelters was stable with slight growth, while lead prices plunged early in the week, prompting downstream enterprises to buy the dip. Except for a few smelters holding back from selling at low prices, most other enterprises sold at market prices, leading to a decline in in-factory inventories. After the price drop, secondary lead enterprises faced heavier losses, with shipments shrinking significantly. In addition, secondary refined lead was quoted higher than primary lead, so downstream purchases leaned toward primary lead, thus driving destocking at primary lead smelters.

[SMM Nickel Flash] The SMM high-grade NPI (10-12%) average price fell 3.1 yuan/nickel unit WoW to 1,129.4 yuan/nickel unit (ex-factory, tax included), while the Indonesian NPI FOB index average price slipped 0.47 $/nickel unit WoW to 145.76 $/nickel unit. This week, the high-grade NPI spot market was in a deep supply-demand tug-of-war throughout, with the divergence between bullish and bearish expectations continuing to widen. Overall trading was thin, and volume-based fixed-price purchases by steel mills were absent.

SMM 10-12% high-grade NPI average price dropped WoW by 3.1 yuan/nickel unit to 1,129.4 yuan/nickel unit (ex-factory, tax included), and the average Indonesian NPI FOB index price dropped WoW by $0.47/nickel unit to record $145.76/nickel unit.

SMM July 17: The market generally suggested raising the secondary refined lead price by 175-200 yuan/mt, willingness to sell was moderate, and ex-factory prices for spot orders were mostly at parity with SMM #1 lead; spot transactions were at a discount of 50 yuan/mt. Downstream alloy and battery plants resisted the price increase, procurement sentiment remained heavily wait-and-see, overall market trading was sluggish, and the price increase lacked support from actual demand. Today, the SMM secondary refined lead average price was reported at 15,725 yuan/mt, at parity with the SMM #1 lead average price. The supplier selling sentiment stood at 0.96, and the purchasing sentiment for secondary refined lead today was 2.55 (historical data can be accessed in the database).