SMM News, March 13: The SMM weekly operating rate of secondary lead in four provinces stood at 29.15% from March 6 to March 12, 2026, up 2.03 percentage points WoW. The operating rate in Anhui fluctuated around 15%, with no further signs of production resumptions at local secondary lead smelters; in Henan, the operating rate at a few smelters edged up as raw material inventory increased; in Jiangsu and Inner Mongolia, some smelters had yet to resume production, while operating smelters said raw material supply remained tight and constrained production growth. Next week, as large smelters in Shandong and Jiangxi resume production after the holiday and release capacity, weekly secondary lead production is expected to increase; actual market conditions still need to be monitored for constraints from factors such as raw material supply and downstream procurement sentiment. 》Subscribe to View Historical SMM Metal Spot Prices

[Secondary Lead Production Update] A large secondary lead smelter in east China recently resumed production and is currently producing around 200 mt of refined lead per day. Production is expected to recover to 500-600 mt/day starting next week.

SMM, February 28 news： In February 2026, China's secondary lead market was squeezed by three factors—the holiday effect, high costs, and weak demand—leading to a significant pullback in production as expected, with industry operations characterized by "weak supply and demand and profit margins under pressure." Data showed that secondary lead production in February 2026 fell as expected by 140,000 mt, plunging 40.38% MoM and dropping 2.19% YoY; secondary refined lead output decreased 45.18% MoM and declined 11.36% YoY. In terms of the causes of production cuts, the primary factors were fewer calendar days in the month combined with the impact of the Chinese New Year holiday, which led to widespread shutdowns or production cuts at mainstream secondary lead smelters across the country. Worker departures for the holiday pushed operating rates to low levels, with particularly sharp declines in core production areas such as Jiangsu and Henan due to delayed worker returns and logistics constraints. Pressure on the cost side further exacerbated the scale of production cuts: before the holiday, scrap battery prices remained high due to recyclers' reluctance to sell, pushing up secondary lead smelting costs, while lead prices continued to trend weakly during the same period, causing widespread losses among secondary lead enterprises. Theoretical comprehensive profit/loss margins for large-scale producers were in negative territory, with small and medium-sized enterprises facing even more severe losses. Weakness on the demand side created a dual suppression: downstream battery producers entered the holiday early, causing lead ingot purchase willingness to hit rock bottom, while smelters' finished product inventories continued to accumulate, further dampening production enthusiasm among enterprises and ultimately leading to a sharp contraction in secondary lead output in February. Looking ahead to March, China's secondary lead market is expected to see a clear corrective rebound, with production forecast to increase by about 70,000 mt compared to February. The core driver of this trend is the comprehensive resumption of work and production across the industry chain after the holiday. With workers returning in concentration after the Lantern Festival, secondary lead smelters will enter a period of concentrated production resumptions, and some enterprises have indicated that they can resume operating at full capacity by mid-March. Gradual recovery in downstream demand will provide solid support for the production rebound: battery producers are resuming work successively, pre-holiday accumulated lead ingot inventories are entering a digestion cycle, and purchase willingness is expected to continue improving. Meanwhile, some secondary lead enterprises need to ramp up production to fulfill long-term contract delivery obligations, further driving up operating rates. On the raw material side, the scrap battery recycling market is gradually recovering after the holiday, and smelters' raw material inventories are expected to be replenished, easing supply constraints. Although enterprises still face certain profit pressures, with the combined effects of demand recovery, order support, and inventory digestion, production enthusiasm in the secondary lead industry is expected to improve significantly. Output in March is likely to achieve a substantive rebound, and industry operations will gradually return to normal.

SMM February 27: After the holiday, downstream battery enterprises resumed work at a slow pace, with weak purchase willingness for lead ingots, leading to a sluggish lead price trend. Secondary lead enterprises were under pressure and incurred losses, with low enthusiasm for spot order shipments and limited offers. The current ex-factory price was at a discount of 50-0 yuan/mt to the SMM #1 lead average price. Although downstream enterprises gradually resumed work, they mainly focused on digesting pre-holiday inventory, and lead ingot procurement was expected to see limited improvement next week. Supported by the steady to rising scrap battery prices, secondary lead production costs remained high while ex-factory prices were weak, resulting in sustained losses for smelters. As of February 27, 2026, the theoretical comprehensive profit/loss for large enterprises was -344 yuan/mt, and for small and medium-sized enterprises was -558 yuan/mt (by-product revenue in the model excluded tin and antimony), indicating significant profit pressure across the industry. 》Order to View SMM Metal Spot Historical Prices

[Dynamic Secondary Lead Production] A large lead smelter in south-west China indicated that most raw materials received recently were from previously concluded orders, and officially ceased purchasing waste lead-acid batteries today.

With the Chinese New Year holiday falling in mid-February and weak end-use consumption, lead-acid battery producers scaled back pre-holiday stockpiling compared with previous years. The sluggish sales of lead ingots intensified finished product inventory pressure on secondary lead smelters. According to SMM, enterprises suspending production during the holiday started their breaks one week earlier YoY. Coupled with three fewer calendar days in February compared with January, secondary lead ……

[SMM Lead Morning Meeting Minutes: Lead Ingot Inventory Buildup and Losses Compete, Lead Prices Expected to Be in the Doldrums] The U.S. government shutdown has caused key data to be "delayed" again, with the Tuesday December JOLTS job openings report and Friday's non-farm payroll report rescheduled for release. Currently, there are less than two weeks until the Chinese New Year holiday, overall demand in the lead-acid battery market is weak, and dealers have successively completed pre-holiday stockpiling...

[Secondary Lead Production Update] A large secondary lead smelter in east China started furnace drying operations on Monday and is expected to begin formal production by the end of this week. According to SMM analysis, the smelter's production resumptions are projected to contribute over 10,000 mt to secondary refined lead output in November, which will have a positive impact on market supply.

[SMM Lead Morning Meeting Summary: Expectations of Supply Tightening Boost Lead Prices, but Caution Needed on Resumption of Secondary Lead Production] China's "Rising Consumption, Stable Production, Soft Investment" in May: Retail sales of consumer goods up 6.4% YoY, the highest growth rate since December 2023. Yesterday was the delivery day for the SHFE lead 2506 contract, and the transfer of lead ingot inventory due to delivery led to a continued increase in social inventory of lead ingots...

On June 13, the 2025 SMM (2nd) Global Secondary Metals Industry Summit Forum , hosted by SMM, successfully concluded at the Hyatt Regency Bangkok Sukhumvit! The event brought together industry representatives and experts from multiple regions and countries, including India, the Middle East, Southeast Asia, Europe, and Africa. They engaged in brainstorming sessions on hot topics such as changes in the global supply-demand pattern of the secondary metals industry, global secondary metals industry development trends and challenges from a Middle Eastern perspective, in-depth analysis of the strengths and challenges in India, the Middle East, Europe, and Southeast Asia, the battery resource market in Southeast Asia: supply chain dynamics, the current situation and future challenges of the secondary lead industry in Southeast Asia, the development of the global secondary metals supply-demand pattern from an Indian perspective, and secondary copper and aluminum scrap yards: innovative recycling and sorting technologies to support the industry's green and carbon-reduction journey. Cui Suoye, Director of SMM Nonferrous Consulting, shared insights on the topic of "changes in the global supply-demand pattern of the secondary metals industry." Regarding secondary aluminum, he stated that over the past decade, the proportion of secondary aluminum production in developed countries such as North America, South America, Europe, and Japan has been significantly higher than that in developing countries. As developing countries benchmark against developed countries, their future potential for aluminum scrap demand will be even more substantial. From 2022 to 2042, SMM expects the compound annual growth rate (CAGR) of extruded aluminum scrap to reach approximately 5%. By 2042, extruded aluminum scrap is projected to account for about 33% of total aluminum scrap. Regarding secondary copper, he mentioned that SMM forecasts the global copper scrap market size to grow at a CAGR of 4.2% from 2024 to 2030. Wu Xiaoyun, Chairman of the Beijing-Tianjin-Hebei Lead-Acid Battery Industry Alliance, shared his views on "the current situation and transformation path of the secondary lead industry in Southeast Asia." He emphasized that the construction of a recycling system is closely linked to the healthy development of the secondary lead industry. The healthy development of the secondary lead industry relies on mutual support across the industry chain, rational government planning and policy support, as well as industry self-discipline and self-regulation. Xie Xiaoying, Director of Sustainable Development Business at Shanghai Lvran Environmental Information Technology Co., Ltd., introduced the topic of "the development path of the global secondary metals industry driven by the ESG context." She pointed out that despite the numerous challenges faced by the secondary metals industry, investing in advanced technologies can effectively handle various complex materials while reducing processing costs. To ensure supply chain reliability, manufacturers may adopt vertical integration strategies in key markets, which, however, will increase operational costs. In addition, the price of scrap metal is usually referenced against the market price of the relevant primary metal. Carbon pricing and the Carbon Border Adjustment Mechanism (CBAM) can help enhance the economic benefits of underutilized scrap metal resources. 》Click to view the live photo stream link 》Click to view the special coverage of this conference Opening Remarks Speakers: Fan Xin, Chairman of SMM Li Shilong, President of China Renewable Resources Industry Technology Innovation Alliance Award Ceremony Main Forum Guest Speeches Speech Topic: Green Transformation and Sustainable Development Prospects of Thailand's Recycled Metal Industry Guest Speaker: Secretary General of ASEAN Institution of Recycling (AIR) Dr. Somthai Wongcharoen The Thailand Recyclers Trade Association is composed of major recycling enterprises in Thailand, including smelting companies, wholesale collection enterprises, and import-export companies. In terms of metal scrap, association members handle high-value metals such as copper, primary aluminum, lead, as well as lead-acid batteries and EV batteries. Additionally, they also recycle electronic waste, such as PCB boards, extracting precious metals like gold, palladium, and copper. Enterprises within the association recognize the importance of the recycled metal industry to Thailand's future development, making metal recycling models very popular domestically. By relying on renewable resources, Thailand is expected to effectively address the challenges posed by climate change. 》Green Transformation and Sustainable Development Prospects of Thailand's Recycled Metal Industry Speech Topic: Strengthening International Exchanges to Promote Green Development of China's Non-Ferrous Recycled Metals Guest Speaker: Li Shilong, President of China Renewable Resources Industry Technology Innovation Alliance Interview with Top Entrepreneurs in the Recycled Metal Industry Moderator: Li Shilong, President of China Renewable Resources Industry Technology Innovation Alliance Guests: Zhu Zhanhong, HR and Administrative Director of Daizheng Daji Metal (Thailand) Co., Ltd. Zhang Junbing, Global Procurement Director of Hailiang Group Co., Ltd. Qin Xinghong, General Manager of P.C. WOOD PRODUCTS CO., LTD. Liu Qingcheng, Deputy General Manager and Director of Thai-Chinese Non-Ferrous Metals International Co., Ltd. Speech Topic: The Path to Global Development of the Recycled Metal Industry Driven by the ESG Context Guest Speaker: Xie Xiaoying, Director of Sustainability Business at Shanghai Lvran Environmental Information Technology Co., Ltd. Key ESG Risks Environment: Heavy metal pollution, water scarcity, climate impacts, waste. Social: Land/resettlement conflicts, labor rights, community health and safety. Governance: Compliance gaps, ethics, weak grievance mechanisms. ESG Accelerator Highlights the factors driving ESG compliance and sustainability (investors, regulations, and supply chains). Recycled Metals Emphasizes the role of recycled metals as a core ESG solution. Remaining Challenges Obstacles still hinder the full implementation of ESG, such as gaps in metal recycling technology, supply stability issues, and the lack of pricing mechanisms to calculate ESG value. The Path to Global Secondary Metals Industry Development Driven by the ESG Context Speech Topic: Changes in the Global Supply-Demand Pattern of the Secondary Metals Industry Guest Speaker: Cui Suoye, Director of SMM Nonferrous Consulting Cui Suoye, Director of SMM Nonferrous Consulting, shared insights on the topic of "Changes in the Global Supply-Demand Pattern of the Secondary Metals Industry." Regarding secondary aluminum, he stated that over the past decade, the proportion of secondary aluminum production in developed countries such as North America, South America, Europe, and Japan has been significantly higher than that in developing countries. For developing countries, benchmarking against developed countries, the future potential for aluminum scrap demand will be even more substantial. From 2022 to 2042, SMM expects the compound annual growth rate (CAGR) of extruded aluminum scrap to reach approximately 5%. By 2042, extruded aluminum scrap is expected to account for about 33% of total aluminum scrap. Regarding secondary copper, he mentioned that SMM forecasts the global copper scrap market size to grow at a CAGR of 4.2% from 2024 to 2030. Secondary Aluminum Over the past decade, the proportion of secondary aluminum production in developed countries such as North America, South America, Europe, and Japan has been significantly higher than that in developing countries. Similarly, for developing countries, benchmarking against developed countries, the future potential for aluminum scrap demand will be even more substantial. According to SMM, China, the US, Europe, and India are the major aluminum scrap-producing regions, accounting for approximately 80% of the total. Benefiting from global carbon reduction policies, recycling systems in various countries are continuously improving. In the future, aluminum scrap production will continue to grow. According to SMM data, in 2022, the production of rolled aluminum scrap exceeded that of extruded and cast aluminum scrap, becoming the highest among the three types of aluminum scrap. However, it is expected that extruded aluminum scrap will grow at the fastest rate in the future. From 2022 to 2042, SMM expects the CAGR of extruded aluminum scrap to reach approximately 5%. By 2042, extruded aluminum scrap is expected to account for about 33% of total aluminum scrap. SMM: Analysis of the Global Supply-Demand Pattern of the Secondary Metals Industry - The Market Size of Secondary Copper and Aluminum Will Continue to Rise Speech Topic: Global Secondary Metals Industry Development Trends and Challenges from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Financial Controller and Executive Committee Member of the Middle East Recycling Bureau Exploring the Global Secondary Metals Market: An In-depth Analysis of Strengths and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Fan Xin, Chairman of SMM Guests: Metalcom Ltd. General Manager Mr. Kittipot Thanalertlap CEO of Dr. Recycling, Tan Tian Director of DIMEXA HOLDINGS PTE. LTD., WENCESLAO MANZ Financial Controller and Executive Committee Member of the Middle East Recycling Bureau, Sanjeev Phadke June 13 Battery Recycling Forum Southeast Asian Battery Resource Market: Supply Chain Dynamics Moderator: Cui Suoye, Director of SMM Nonferrous Consulting Guests: Sujin Kim, Global Business Development Director of BatX Energies Wu Xiaoyun, Chairman of the Beijing-Tianjin-Hebei Lead-Acid Battery Industry Alliance Zhao Bin, President of the Thai-Chinese Rayong Industrial Zone Chen Wenkai, Chairman of the Malaysia Nonferrous Metals Association (MNMA) Shen Juan, Purchasing Director of Jingjiu Group Speech Topic: Current Status and Future Challenges of the Southeast Asian Secondary Lead Industry Guest Speaker: Wu Xiaoyun, Chairman of the Beijing-Tianjin-Hebei Lead-Acid Battery Industry Alliance I. Overview of the Current Status of the Southeast Asian Secondary Lead Industry I. Current Status of the Southeast Asian Secondary Lead Industry 1. Severe Imbalance in Supply and Demand Demand Side: Demand for lead-acid batteries: starting batteries (with an ownership of over 40 million units) and motorcycle power batteries (with an ownership of 250 million units), as well as demand for backup power supplies for 5G base station construction (ESS batteries). Supply Side: The local secondary lead production capacity is severely insufficient, with an annual shortfall of 150,000 mt in Vietnam (self-sufficiency rate of only 42%) and 80,000 mt in Indonesia (self-sufficiency rate of 65%), relying on imported lead ingots to fill the gap. Raw Material Bottleneck: Scrap lead-acid batteries are difficult to recycle across borders due to restrictions under the Basel Convention, resulting in an annual loss of approximately 600,000 mt of lead. The utilization rate of secondary lead production capacity is only 50%. 2. Environmental Protection and Technological Challenges ESG compliance costs in Malaysia have increased by 30%, with small and medium-sized factories investing over $5 million annually in environmental protection. Thailand/Indonesia will ban the import of lead-containing plastic residues in 2025, exacerbating the shortage of raw materials. A high proportion of low-purity secondary lead (60% of inventory in Malaysia has a purity of 3. Intensified Regional Competition Chinese battery companies have deployed a production capacity of 1 million mt, driving up the local scrap battery acquisition premium to 120% of the Chinese market price. 》Wu Xiaoyun: Current Status and Path to Transformation of the Southeast Asian Secondary Lead Industry Speech Topic: Improving the Battery Recycling System Driven by the Market Growth of EVs in Southeast Asia Guest Speaker: Luo Tieying, President of Jinchi Industrial Park Speech Topic: Exploring Africa: Opportunities for Sustainable Expansion and Raw Material Investment Guest Speaker: Yousef Al Sharif, Director of the African Recycled Metals Association/Al Sharif Metal Secondary Copper and Aluminum Forum Speech Topic: Global Impact of Changing Trade and Tariff Policies in the US Guest Speaker: Adam Shaffer, VP of the Institute of Scrap Recycling Industries (ISRI) Speech Topic: SMM Serving the Global Secondary Copper and Aluminum Metal Market Guest Speaker: Zhang Xiaoyao, Project Leader of SMM Recycling Conference Speech Topic: Global Supply-Demand Pattern Development of Secondary Metals from an Indian Perspective Guest Speaker: Amar Singh, Secretary General of the Material Recycling Association of India Speech Topic: Building a New Cambodia-China Metal Hub - Inviting You to Co-Construct an Overseas Demonstration Industrial Park for Recycling Nonferrous Metals Processing Guest Speaker: Cao Zhuo, General Manager of International Business for the Americas Region of the Cambodia-China Metal Materials Industrial Park Secondary Copper and Aluminum Yard: Innovative Recycling and Sorting Technologies Paving the Way for Green and Carbon-Reducing Industry Moderator: Zhou Bo, Executive Vice President of SMM Guests: Liang Jiali, Deputy General Manager of Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd. Li Zhiqiang, General Manager of Henan Recycling Technology Co., Ltd. Ye Hangyu, Director of the Foreign Trade Department of Hefei Anjinglong Electronics Co., Ltd. Sun Bolin, Sales Director of Liaoning Pinuo Environmental Protection Technology Co., Ltd. Recommendations for Copper, Aluminum - High-Quality Overseas Yards and Trustworthy Traders, and Batteries - High-Quality Equipment Enterprises Sidelights from the Venue 》Click to View More Sidelights With this, the 2025 SMM (2nd) Global Secondary Metals Industry Summit has come to a successful conclusion. See you next year! 》Click to view the special report on the 2025 SMM (2nd) Global Recycled Metals Industry Summit Forum