As of this Friday, SiMn 6517 (cash) was 5,650-5,700 yuan/mt in north China, flat WoW; in south China, SiMn 6517 (cash) was 5,700-5,750 yuan/mt, unchanged WoW from last Friday; south China SiMn 6014 (cash) was 5,350-5,400 yuan/mt, flat WoW. Recently, SiMn futures moved sideways in a weak trend, market sentiment was heavily cautious, prices fell, and futures prices were basically in sync with spot prices.

July 31 report: North China ports: 46% Australian lumps 40.5-41 yuan/mtu, down WoW; South African semi-carbonate 33.5-34 yuan/mtu, down WoW; Gabonese 38.3-38.7 yuan/mtu, down WoW; South African high-iron 28.8-29.3 yuan/mtu, down WoW; South African medium-iron 36-36.5 yuan/mtu, flat WoW. South China ports: 46% Australian lumps 42.9-43.4 yuan/mtu, flat WoW; South African semi-carbonate 36.5-37 yuan/mtu, down WoW; Gabonese 41.1-41.6 yuan/mtu, up WoW; South African high-iron 31.2-31.7 yuan/mtu, down WoW; South African medium-iron 38-38.5 yuan/mtu, flat WoW. Manganese ore prices continue to grind lower, end-use demand remains weak, and it is common for traders to sell at lower prices.

SMM July 31 news: This week, secondary crude lead prices drifted lower, and suppliers' willingness to sell was weak. The decline in lead prices intensified smelting losses, coupled with sluggish orders from downstream alloy enterprises, leading to lackluster procurement demand and sluggish market transactions. Suppliers of imported crude lead, whose profits fell short of expectations, chose to hold back from selling, and the currently arriving cargoes were mostly orders placed from May to July. It is expected that demand will be hard to improve next week, with secondary crude lead prices maintaining a subdued consolidation. Focus will be on tracking futures lead prices and smelters' production cut progress.

SMM July 31: This week, scrap battery market showed mixed performance. EV battery prices were mainly down, while prices for other categories remained largely stable. Only a few producers raised flooded battery prices during the week. Smelters' losses-driven push for lower prices and suppliers' holding back from selling formed a stalemate. Even when lead prices rebounded, it was difficult to transmit to the raw material side. Currently, battery enterprises showed weak purchasing enthusiasm. Secondary lead finished product inventories rose while operating rates declined, leading to limited demand for scrap batteries; It is expected that next week, waste lead-acid battery prices will continue to consolidate on a subdued note, with a possibility of lower buying prices. Tight supply will limit the decline. Keep monitoring lead prices and end-use consumption in August.

SMM, July 31: Views in the secondary refined lead market diverged further. Upstream suppliers held prices firm aggressively, while downstream enterprises called for price cuts and waited to purchase at lower levels. The price spread between secondary refined lead and primary lead narrowed, highlighting the purchasing advantage of primary lead. Price expectations between buyers and sellers differed widely, spot negotiations were at a stalemate, and overall market transactions remained sluggish. This week, mainstream transaction prices for secondary refined lead were at a discount of 75-0 yuan/mt against the SMM #1 lead average price. Meanwhile, scrap battery prices fell only slightly, widening the loss range for enterprises. As of July 31, 2026, the comprehensive theoretical profit/loss for large-scale secondary lead enterprises was -623 yuan/mt, while that for small and medium-sized secondary lead enterprises was -801 yuan/mt. If lead prices remain in the doldrums next week, the premium quotation range for spot orders of secondary refined lead against the SMM #1 lead average price will expand, and shipment volumes will continue to decline.

In the spot market, this week (July 27–31, 2026), SMM #1 lead prices continued to consolidate on a subdued note. The weekly average price fell 185 yuan/mt WoW, and the overall center moved lower. At month-end, downstream enterprises were less motivated to purchase, and some large enterprises met production needs solely through long-term contracts, with scant replenishment from spot orders. As lead prices dropped, maintenance and production cut plans among primary lead and secondary lead smelters increased, and suppliers' willingness to sell fell in tandem. In the spot market, transactions shifted from quotes at discounts to premiums compared to the start of the week. Specifically, mainstream electrolytic lead quotations were at premiums of 0–20 yuan/mt against the SMM #1 lead average price, ex-factory; secondary refined lead quotations were at premiums of 0–20 yuan/mt against the SMM #1 lead average price, with a few enterprises at a premium of 125 yuan/mt. The shift in the spot premium structure was mainly because smelters held back from selling at lower prices after the lead price fell, while suppliers actively shipped inventory to delivery warehouses, alleviating in-factory inventory pressure and tightening available supply in the market.