SMM News, March 20: Lead prices weakened this week, and secondary lead smelters lowered scrap battery purchase prices due to profit pressure. Today, the average scrap battery purchase prices at smelters were: waste e-bike battery at 9,825 yuan/mt, waste automotive lead-acid battery (white shell) at 9,875 yuan/mt, and waste automotive starter lead-acid battery (black shell) at 10,125 yuan/mt. Recyclers also followed the decline, and after prices were cut, downstream collection outlets held back cargoes, with recycling volume decreasing WoW. Smelter inventory diverged, with low-inventory smelters holding only enough for one week of production, while high-inventory smelters made limited just-in-time procurement after small price cuts. According to the SMM survey, market expectations for lead prices were weak, and if prices continue to weaken next week, scrap battery prices are expected to be lowered again. This week, the mainstream self pick-up price at major ports for imported crude lead was at a discount of 50-0 yuan/mt against the SMM #1 lead average price, while some cargoes were at a premium of 50 yuan/mt. Domestic secondary crude lead cargoes were quoted firmly due to insufficient operating rates caused by cost pressure. As of this Friday, the mainstream tax-excluded ex-factory prices stood near 15,200 yuan/mt. Going into next week, imported lead is still expected to arrive at ports one after another, and downstream enterprises have been active in making inquiries. SMM expects domestic secondary crude lead supply to remain tight. » Subscribe to View Historical SMM Metal Spot Prices

[SMM Cast Aluminum Alloy Morning Comment: Futures Extended Losses, While Trading Sentiment Recovered Slightly] Market quotes generally moved lower last Friday, with the SMM ADC12 price down 300 yuan/mt to 25,000 yuan/mt. Driven by the price pullback and weekend restocking demand, market trading sentiment recovered somewhat from the previous period, and downstream purchase willingness to buy the dip strengthened, improving transactions for some enterprises. However, overall demand still mainly reflected rigid demand, end-users remained sensitive to price fluctuations, and the pace of restocking stayed cautious. In the short term, ADC12 prices are expected to remain in the doldrums. The pattern of demand being under pressure is unlikely to change in the short term; downstream acceptance of high prices is limited, and coupled with the weak trend in primary aluminum weighing on market sentiment, prices struggled to rise. But with cost support, downside room is also limited. Going forward, close attention should be paid to the trend in primary aluminum and the pace of downstream consumption release.

By late March, the consumption driven by dealers' customary post-holiday restocking in the lead-acid battery market had been largely released. Meanwhile, end-use consumption in the e-bike and automotive battery markets was generally mediocre, especially as the impact of the new national standard for e-bikes disrupted supporting orders for new vehicles, and some lead-acid battery enterprises only maintained production based on sales. Lead prices fell this week. In the initial stage, downstream enterprises restocked at lower prices based on demand, but after lead prices fell again in the second half of the week, some enterprises became more cautious in procuring raw lead materials.

One and One Green Technologies is expanding into the e-waste recycling market in Metro Manila. The company processes electronic scrap and industrial waste into copper alloy ingots and other products. Analysts see Southeast Asia emerging as a key growth region for recycled copper supply.

It was learned that the SMM weekly composite operating rate of lead-acid battery enterprises in five provinces was 73.92% from March 13 to March 19, 2026, up 0.46 percentage points WoW from the previous week. Recently, production at lead-acid battery enterprises remained relatively stable. Apart from slight production adjustments at a small number of enterprises, changes in production at other enterprises were relatively small. Over the past two years, as AI development accelerated, battery demand from data centers improved. In particular, lead-acid battery enterprises that secured tender orders had full order books, with production lines operating at full capacity. In addition, for civilian battery products, end-use consumption in the e-bike and automotive battery markets showed mediocre performance. Considering that from April to May is the traditional consumption off-season, some enterprises with average order intake only maintained operating rates at 70-80%, and needed to adjust production based on subsequent order conditions.

[SMM Rare Earth Weekly Review: Rare Earth Prices Pulled Back Significantly, Downstream Inquiries and Procurement Decreased] Affected by fluctuations in futures prices, confidence in the Pr-Nd oxide market dropped sharply. Traders proactively sold off cargoes at low prices, causing transaction prices in the Pr-Nd oxide market to fall rapidly. As of today, Pr-Nd oxide prices had already pulled back to 690,000-700,000 yuan/mt.

Current manufacturer expectations for this month and April remain cautious, with some companies having already lowered their April production forecasts.

The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

Russia’s Solikamsk Magnesium Works recently launched industrialised production of magnesium alloys containing rare earth elements such as neodymium, cerium, and lanthanum. The products combine lightweight properties with high strength and are mainly targeted at sectors including aerospace and automotive manufacturing. The plant accounts for 100% of Russia’s rare earth compound production and 75% of its magnesium capacity, and this capacity expansion further consolidates its position in the strategic metals sector. Meanwhile, the “magnesium-based hydrogen slurry” technology developed by Germany’s Fraunhofer Institute has sparked controversy. Independent analysis indicated that the technology’s overall system efficiency is only about 10, its energy density is comparable to that of lithium batteries, its cost is far higher than expectations, and its recycling chain has yet to form a closed loop. It is only suitable for demonstration scenarios at the hundred-watt level and is unlikely to achieve commercial application. The two pieces of news reflect the different technological pathways and industrialisation prospects of magnesium-based materials in high-end manufacturing and energy storage.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Fluctuated Downward After Opening in the Night Session, and Spot Transactions Were Relatively Sluggish]