SMM, July 24: This week, secondary refined lead EXW transaction prices were at discounts of 100~50 yuan/mt against the SMM #1 lead average price, and deliveries at parity within industrial parks were transacted. Some suppliers held prices firm and held back from selling, with quotations at premiums of 75~125 yuan/mt against the SMM #1 lead average price, or even halted shipments. Raw material prices declined in tandem, but smelters remained deep in losses. As of July 24, 2026, the theoretical comprehensive profit/loss value stood at -498 yuan/mt for large-scale secondary lead enterprises and -679 yuan/mt for small and medium-sized ones. Looking ahead to next week, expectations for secondary lead production cuts persist, with most cargo owners continuing to hold back from selling and waiting on the sidelines. The remaining supplies are expected to transact at discounts of 50 yuan/mt to parity. Lead price rebound space is limited, and the loss situation for smelters will be hard to reverse in the short term.

SMM July 21 News: The SHFE lead 2609 contract opened at 15,900 yuan/mt, during the morning session it first fell then rose, fluctuated narrowly around the 15,885 yuan/mt level, and finally closed at 15,885 yuan/mt, up 75 yuan from the previous settlement, with an intraday gain of 0.47%. Downstream battery demand was weak in the off-season, capping gains. Secondary lead smelters faced deficits and maintenance, while stable scrap battery prices provided support, resulting in a balanced tug-of-war between longs and shorts. In the short term, SHFE lead will continue to move sideways. Going forward, monitor production resumptions at secondary lead smelters and changes in downstream operations. Data Source Statement: All data except for public information is processed by SMM based on public information, market communication, and SMM's internal database models. This is for reference only and does not constitute any decision-making advice.

[Secondary Lead Production Update] A secondary lead smelter in north-west China has resumed purchasing waste lead-acid batteries as of today. It is expected to start production and furnace drying on August 1. For the actual output of secondary refined lead, please follow SMM!

SMM July 10: This week, secondary refined lead supply was tight, off-season demand weighed on trading, premiums against the SMM #1 lead average price consolidated around parity, and actual transactions were mostly at a discount of 20-30 yuan/mt. Secondary lead production continued to incur losses. As of July 10, 2026, the theoretical consolidated profit and loss for large-scale secondary lead enterprises was -277 yuan/mt, and for medium- and small-scale secondary lead enterprises, it was -464 yuan/mt. Smelter operating rates are currently low, with production cuts in many regions; downstream demand is weak, scrap battery costs remain firm, and losses are unlikely to improve in the short term. Additionally, suppliers, under pressure from losses, kept offers firm. SMM expects spot order shipment prices for secondary refined lead to maintain parity or a small premium against the SMM #1 lead average price next week.

[Secondary Lead Production Update] A secondary lead smelter in East China plans to increase production to clear its raw material inventory before halting production, with the specific furnace shutdown date expected in two weeks, which will then affect secondary refined lead production by 200-300 mt per day.

[Secondary Lead Production Update] A secondary lead smelter in North China maintained low-temperature lead smelting from late June to early July. The company stated that it is now fully shut down, affecting low-temperature lead production by about 100 mt/day, and it expects the large furnace to fully resume production in early August.