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 reported on May 23: Amid intensifying losses, secondary lead smelters took the risk of significantly reducing their raw material procurement prices. At the beginning of the week, the mainstream market price for tax-excluded scrap e-bike lead-acid batteries was 10,140 yuan/mt. By mid-week, it had dropped to 9,900 yuan/mt, and in the second half of the week, it fell further to 9,400 yuan/mt. To prevent scrap battery recyclers from struggling to accept settlements below their recycling costs, smelters generally adopted a "price guarantee" approach, gradually lowering prices to allow recyclers to clear their high-cost inventory. It is understood that some secondary lead smelters ended their "price guarantee" this evening, while others will maintain it until Sunday, implementing the 9,400 yuan/mt price from Monday next week. Fearing further price drops, recyclers rushed to sell, resulting in a continuous stream of trucks queuing up to unload at smelters in Anhui Province throughout the week. Regarding secondary crude lead: Due to the moderate order volume from lead-acid battery producers, the demand for lead alloys was relatively small. Most lead alloy smelters indicated that, given the limited alloy orders, they primarily relied on long-term contracts for secondary crude lead and could fulfill alloy order deliveries without purchasing spot orders. Additionally, a few lead alloy smelters reported purchasing a small amount of overseas crude lead, with the self pick-up price at the port at a discount of 200 yuan/mt against the SMM 1# lead average price. Overall, the tight supply situation for secondary crude lead has slightly eased. 》Order to view SMM metal spot historical prices

SMM, April 30: Last Saturday, secondary lead smelters in major production areas lowered their raw material purchase quotes. Scrap battery recyclers, fearing further price declines, rushed to sell their inventory. Some enterprises even achieved a daily trading volume of 5,000 mt for scrap batteries. After the recyclers sold their inventory, the available supply was transferred to the in-plant inventory of some smelters, and the supply of waste lead-acid batteries in the market remained scarce. This week, the arrivals of scrap batteries have been sluggish, and smelters have once again raised their purchase prices. Currently, the market price for tax-excluded scrap e-bike lead-acid batteries ranges from 9,900 to 10,150 yuan/mt. After production cuts at secondary lead smelters, the supply of secondary crude lead has become even tighter, and suppliers are holding firm on their quotes, which are basically higher than the prices of secondary refined lead, making it difficult for downstream alloy smelters to purchase. As a result, trading volume has been minimal this week. It is currently estimated that the market supply of available secondary crude lead is less than 1,000 mt. 》Subscribe to view SMM metal spot historical prices

The operating rate of secondary lead smelters declined due to loss pressures, and downstream lead-acid battery producers generally took a holiday during Labor Day. With both supply and demand falling, the center of lead price movement shifted downward. At the end of this week, the raw material procurement quotations of secondary lead smelters were lowered simultaneously, with the mainstream quotation for scrap electric vehicle batteries (excluding tax) falling from 10,200 yuan/mt to 9,900 yuan/mt. Scrap battery recyclers, fearing further price declines, rushed to sell their goods, leading to a significant improvement in the arrivals at secondary lead smelters. A large secondary lead smelter in east China stated that the daily trading volume of scrap batteries reached 5,000 mt this Saturday, with a continuous stream of vehicles queuing up to unload at the park, which was in stark contrast to the situation earlier in the week when arrivals were less than 100 mt per day.

[SMM News Flash] The rise in lead prices has intensified the reluctance to sell among scrap battery recyclers. It is reported that secondary lead smelters in Anhui Province stated that today's scrap battery arrivals were poor.

[SMM Scrap Battery & Secondary Crude Lead Weekly Review: Moderate Scrap Battery Arrivals This Week, Spot Orders for Secondary Crude Lead Remain Tight] SMM, February 28: At the beginning of the week, SHFE lead showed a slight downward trend, causing scrap battery recyclers to hesitate in selling. According to smelters in major secondary lead production areas, scrap battery arrivals were moderate this week, with some refineries even experiencing inventory buildup.

[SMM Scrap Battery & Secondary Crude Lead Weekly Review: Moderate Scrap Battery Arrivals During the Week, Secondary Crude Lead Spot Orders Remain Tight] SMM, February 28: At the beginning of the week, SHFE lead prices showed a slight downward trend, causing scrap battery recyclers to hesitate in selling. According to smelters in major secondary lead production areas, scrap battery arrivals were moderate this week, with some refineries even experiencing inventory buildup.

[SMM Analysis: The Game Between Cost Support and Bearish Consumption in the Lead Market] SMM, February 21: Due to the accelerated resumption of production at secondary lead smelters after the holiday, the demand for used lead-acid batteries has significantly increased, leading to a considerable expectation of price hikes. Meanwhile, smelters are facing greater cost pressure, as rising raw material costs and sluggish selling prices have squeezed profits, with some smelters already operating at a loss.

[SMM Weekly Review on Scrap Battery & Secondary Crude Lead: Recyclers Sell Off Amid Fear of Price Drop, Secondary Lead Smelters See Improved Raw Material Arrivals] SMM, February 21: During the week, lead prices declined, prompting stores and scrap battery recyclers to sell off amid fears of further price drops. Secondary lead smelters experienced improved raw material arrivals, with some enterprises reporting an increase in vehicles queuing for unloading and a significant surge in raw material inventory. Meanwhile, enterprises lowered their scrap battery purchase prices by 50-100 yuan/mt. As of February 21, 2025, the mainstream tax-inclusive purchase price for scrap EV batteries ranged from 9,950-10,150 yuan/mt.

[SMM Weekly Review on Scrap Battery & Secondary Crude Lead: Recyclers Sell Off Amid Fear of Price Drop, Secondary Lead Smelters See Improved Raw Material Arrivals] SMM, February 21: During the week, lead prices declined, prompting stores and scrap battery recyclers to sell off amid fears of further price drops. Secondary lead smelters experienced improved raw material arrivals, with some companies reporting an increase in vehicles queuing for unloading and a significant surge in raw material inventory. Meanwhile, companies lowered their scrap battery purchase prices by 50-100 yuan/mt. As of February 21, 2025, the mainstream tax-inclusive purchase price for scrap EV batteries ranged from 9,950-10,150 yuan/mt.