SMM News on March 6: Scrap battery retirements were limited, and collection volumes on the recycling end were weak; some smelters faced inventories are critically low for raw materials and implemented production cuts, providing strong support for waste lead-acid battery prices. Meanwhile, stores and recyclers showed strong reluctance to sell, and market trading activity for scrap batteries was expected to remain subdued next week. This week, a few domestic secondary crude lead smelters suspended production due to environmental protection-related controls. Downstream buyers said that procurement became difficult after supply tightens, suppliers held firm on offers, and mainstream tax-exclusive ex-factory prices were 15,450-15,550 yuan/mt. Sentiment for imported lead trading was weak; quotations were limited this week, and self pick-up prices at some ports remained at 300 yuan/mt below the SMM #1 lead average price. > Subscribe to view SMM historical spot metal prices

SMM February 13: Lead prices fluctuated rangebound during the week, with low quotation activity in the spot market. Most smelters halted shipments for the holiday, while a few enterprises, facing high finished product pressure, were willing to sell off goods, but encountered limited purchase interest. The mainstream ex-factory prices for secondary refined lead spot orders, including tax, were at discounts ranging from 100 to 0 yuan/mt against the SMM #1 lead average price, with a few spot cargoes delivered to downstream enterprises at parity. Downstream battery producers resumed production slightly earlier than secondary lead smelters after the holiday, but digesting pre-holiday lead ingot inventory was expected to take 4 to 7 days. SMM anticipated that secondary lead enterprises would show high shipment activity at that time, while downstream purchase willingness would remain low. Losses at secondary lead smelters persisted, and the number of enterprises reducing or halting production increased during the Chinese New Year holiday. Although waste lead-acid battery prices declined slightly, sluggish trading activity in the lead industry chain weighed on lead price trends. As of February 13, 2026, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was -267 yuan/mt, while for small and medium-scale enterprises it was -474 yuan/mt (by-product revenues in the model exclude tin and antimony). After the holiday, secondary lead smelters concentrated on production resumptions, leading to a surge in demand for waste lead-acid batteries; raw material costs were expected to rise significantly. If purchase willingness among downstream battery producers recovers poorly, lead price increases will face pressure, and SMM expects the loss-making trend for secondary lead to persist. 》Order to View SMM Metal Spot Historical Prices

SMM February 6 News: Lead prices continued to weaken this week, deepening losses for secondary lead smelters, prompting most enterprises to actively lower scrap battery procurement prices to control costs. Meanwhile, recycling companies, driven by risk aversion and the need for cash flow, actively shipped goods, leading to a significant increase in raw material inventory for secondary lead enterprises. SMM data showed that the raw material inventory of secondary lead enterprises increased by 20,000 mt MoM. Next week, more secondary lead smelters and scrap battery recyclers will enter the holiday period, resulting in a sluggish market with weak supply and demand. SMM expects scrap battery prices to fluctuate at lows. The domestic secondary crude lead market saw sluggish transactions. As of February 6, 2026, the ex-works price (excluding tax) for domestically produced secondary crude lead was between 15,250 and 15,400 yuan/mt. Downstream refined lead and alloy smelters gradually entered the holiday season, showing low interest in stockpiling; overseas lead ingot suppliers, due to poor consumption in the Chinese market, have largely halted transactions, with only some previously agreed shipments continuing normal transportation. The trading atmosphere in the secondary crude lead market is expected to remain sluggish next week. 》Subscribe to view SMM historical spot metal prices

SMM January 30: Lead prices remained low, and the scale of production halts at secondary lead smelters expanded. Recycling enterprises were highly cautious of price declines. Coupled with their need to recoup funds before the holiday, the willingness to sell scrap batteries was relatively good during the week. Meanwhile, secondary lead smelting enterprises conducted routine pre-holiday stockpiling, leading to a significant increase in raw material inventory. SMM data showed that the raw material inventory of secondary lead enterprises increased by 34,000 mt WoW this week. Next week, as some scrap battery suppliers gradually enter the holiday period, while some secondary lead smelting enterprises still have stockpiling demand, SMM expects scrap battery prices to hold steady. Due to weak spot cargo digestion in the domestic market, the inflow enthusiasm for imported crude lead supplies declined, resulting in fewer offers this week. As of January 30, 2026, the ex-factory VAT-exclusive offers for domestic secondary crude lead were 15,450-15,550 yuan/mt, and transactions were also weak. As downstream enterprises gradually enter the holiday period, purchase willingness remained sluggish. SMM expects activity in the secondary crude lead market to decline further next week. 》Order to View SMM Metal Spot Historical Prices

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.

SMM January 23: The SMM weekly operating rate for secondary lead in four provinces was 50.26% during January 16-22, 2026, down 0.12 percentage point WoW. The operating rate in Anhui increased by over 9 percentage points, mainly due to a local smelter resuming production after successfully renewing its hazardous waste business license. The operating rate in Henan dropped by more than 3 percentage points, primarily affected by blizzard conditions delaying raw material arrivals and environmental protection-related controls limiting production. The operating rate in Jiangsu increased slightly, as local enterprises reported higher long-term contract delivery tasks and production ramp-ups due to downstream pre-holiday stockpiling. Inner Mongolia saw new production halts this week, causing the regional operating rate to plunge by 46.29 percentage points. Downstream battery producers showed moderate pre-Chinese New Year stockpiling interest, and secondary lead smelters still faced finished product inventory pressure. Meanwhile, waste lead-acid battery prices remained high, making it difficult to alleviate smelters' cost pressure. Loss-making conditions dampened secondary lead smelters' production enthusiasm, with most enterprises having formulated holiday plans. As individual smelters in east China resumed production and gradually ramped up output, the secondary lead operating rate is expected to increase slightly next week based on forecast data; however, vigilance is still needed against potential drags from environmental protection-related controls and changes in loss-making situations on the secondary lead operating rate. 》Order to View SMM Metal Spot Historical Prices