[SMM Flash] According to customs data, China's exports of lead-acid batteries in May 2026 reached 20.6522 million units, up 7.73 percentage points MoM and up 2.8 percentage points YoY. Combined exports from January to May 2026 totaled 85.9478 million units, down 8.86 percentage points YoY.

[SMM Analysis] Lead Prices Plunge to 27-Month Low – Is the 16,000 "Lifeline" About to Break? SMM June 9 News: As of the close at 11:30 a.m. today, the main SHFE lead contract 2607 was reported at 16,070 yuan/mt, down 305 yuan/mt, a decline of 1.86%, hitting an intraday low of 16,055 yuan/mt, the lowest since March 8, 2024.

[SMM Express] According to customs data, China's lead-acid battery exports in April 2026 totaled 19.1712 million units, up 59.01 percentage points MoM and down 6.31 percentage points YoY. Cumulative lead-acid battery exports from January to April 2026 reached 65.2955 million units, down 12.01 percentage points YoY.

【SMM Analysis】 Why Are Chinese Lead-Acid Battery Enterprises Taking More Holidays for the 2026 Labor Day? As the Labor Day holiday approaches at the end of April, SMM conducted a survey on holiday arrangements among lead-acid battery enterprises across 10 provinces in China.

According to SMM research, from April 17 to April 23, 2026, the weekly comprehensive operating rate of lead-acid battery enterprises across five provinces surveyed by SMM was 68.59%, down 1.07 percentage points WoW. The off-season trend in the lead-acid battery market intensified. Particularly in mid-to-late April, end-use consumption in the e-bike lead-acid battery market declined further. Orders at some medium and large enterprises fell, finished product inventories accumulated, and production line operating rates were cut to varying levels of 50-70%, dragging down the weekly operating rate of lead-acid batteries. In addition, the current SHFE/LME price ratio remained unfavorable for lead-acid battery exports. Coupled with the impact of Middle East conflicts and tariffs, lead-acid battery exports in March saw a rare decline from February (in previous years, battery exports were at annual lows in January-February due to the Chinese New Year holiday, while March typically saw a recovery in post-holiday orders and shipments, with battery exports rising in the vast majority of cases). Orders at export-oriented enterprises remained sluggish from March to April.

SMM, April 21: The most-traded SHFE lead 2605 contract opened at 16,800 yuan/mt intraday. From the early session to mid-session, SHFE lead trended higher in a fluctuating manner. During the afternoon session, prices moved sideways within the range of 16,825-16,855 yuan/mt. Prices edged up near the close, touching a high of 16,860 yuan/mt, and finally settled at 16,845 yuan/mt, forming a bullish candlestick with no lower shadow, up 115 yuan/mt or 0.69%. On the fundamentals, lead inventory drawdowns outside China combined with maintenance at some domestic secondary lead smelters provided support for lead prices, while inflows of imported lead, weakening lead-acid battery exports, and social inventory buildup of lead ingots capped the upside room for lead prices. Sentiment side, tensions in US-Iran geopolitical situation disturbed longer-term futures sentiment. SMM expects lead prices to maintain a fluctuating trend in the short term. Data source statement: 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.