SMM News, March 27: The most-traded SHFE lead 2605 contract opened at 16,390 yuan/mt during the day. Boosted by broad-based gains across nonferrous metals, the price continued to fluctuate upward, hitting a high of 16,570 yuan/mt before pulling back somewhat. It then consolidated narrowly in the 16,520-16,555 yuan/mt range and finally closed at 16,555 yuan/mt, posting a small bullish candlestick, up 95 yuan/mt, or 0.58%. On the supply side, deliverable primary lead inventory for primary lead fell MoM, and reduced circulating cargo supported premiums in quotations; secondary lead smelters mostly held strong wait-and-see sentiment, with few spot quotes, while limited cargo was quoted at slight premiums. On the demand side, downstream purchasing sentiment was mixed, with both wait-and-see sentiment and purchasing as needed, and transactions were average. As the resumption of production at secondary lead smelters accelerates, expectations for increased spot secondary lead supply are strong, but downstream purchases for rigid demand remain limited, and lead prices are expected to remain in the doldrums. Data source disclaimer: Except for publicly available information, all other data is processed and derived by SMM based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

SMM, June 17, 2025 This week, the SHFE lead 2506 contract was delivered. The social inventory of lead ingots continued to increase, with the total social inventory of lead ingots in the five regions tracked by SMM reaching 56,400 mt. On the day, the most-traded SHFE lead 2507 contract opened at 16,965 yuan/mt. As bulls reduced their positions, the SHFE lead price plunged at the beginning of the session, oscillating around the 16,900 yuan/mt level during the day. It fell to a low of 16,855 yuan/mt in the late session and closed at 16,860 yuan/mt, down 0.71%, with an open interest of 41,457 lots. In early June, secondary lead smelters significantly reduced or halted production. The rigid demand from downstream enterprises shifted to the primary lead market, leading to a decline in the in-plant inventory of primary lead smelters. Spot transactions changed from trading at a discount (against the SMM 1# lead average price) last month to trading at a premium this month. Most of the supply from primary lead smelters directly flowed into the consumer market, which may support a fluctuating trend of stronger lead prices. It is also worth noting that primary lead smelters in north and south-west China entered maintenance this week, and supply is expected to tighten further. However, after the rise in lead prices, losses for secondary lead smelters have been mitigated, and some secondary lead smelters intend to resume production. We need to be vigilant about the impact of the expected release of secondary lead supply on lead prices in the future. 》Subscribe to view historical SMM metal spot prices

SMM News on June 17: End-use consumption in the automotive battery market remains sluggish. Dealers continue to purchase as needed. Most producers are in a state of production cuts, with operating rates of production lines ranging from 50% to 90%. In addition, lead prices have been fluctuating and strengthening recently. Especially in the absence of secondary lead supply, downstream enterprises are opting more for primary lead to meet their rigid demand. 》Subscribe to view historical SMM metal spot prices

Overnight, LME copper opened at $9,678.5/mt, touching a low of $9,664/mt shortly after the opening bell.

[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...

This week, there were no significant changes in end-use consumption in the e-bike and automotive battery markets. Dealers generally maintained a purchasing as needed model, and large enterprises resumed normal production after the Dragon Boat Festival holiday. Among them, the wholesale market for e-bike batteries was generally concerned about whether the price increases of first-tier brands would be implemented. Dealers were eagerly waiting to see, with battery inventories ranging from 7 to 30 days. Meanwhile, the automotive battery wholesale market was still in a sales promotions atmosphere, with dealers struggling to sell their inventories and holding a pessimistic sentiment about the future market. On the producer side, as lead prices gradually rose, lead-acid batteries maintained a purchasing as needed model and, during periods of insufficient secondary lead supply, opted more for primary lead. Spot transactions in South China relatively improved.

SMM June 12 News: Today, the SMM 1# lead average price increased by 75 yuan/mt from yesterday to 16,700 yuan/mt. The ex-factory prices of mainstream secondary refined lead were mainly on par with the SMM 1# lead average price, with some supplies trading at a premium of around 50 yuan/mt. The ex-factory prices (tax not included) ranged from 15,750 to 15,850 yuan/mt. Due to the firm quotes from secondary lead suppliers, downstream battery producers showed low enthusiasm for inquiring about secondary lead supplies and had weak purchase intentions. Today, the transactions of secondary lead were sluggish. 》Subscribe to view historical SMM metal spot prices

The lead market experienced significant fluctuations in 2024, with prices initially rising before declining. Tight domestic supply led to increased import demand, particularly for lead ingots. Meanwhile, secondary lead production declined due to a shortage of scrap battery raw materials, further exacerbating the supply deficit. Economic recovery in 2025 will support domestic lead consumption, especially under the continued boost of the trade-in policy. The Southeast Asian market, particularly two-wheeler consumption, has growth potential. Global lead consumption growth is expected to be 0.8%. In Southeast Asian countries such as Thailand, Vietnam, and Indonesia, the demand for lead-acid batteries continues to increase with the popularity of motorcycles, EVs, communication base stations, and energy storage systems. According to industry forecasts, the demand for secondary lead in Southeast Asia will reach 1.5 million to 2 million mt in 2025, gradually increasing its share of the global market. This growth is primarily driven by the increase in the recycling volume of waste lead-acid batteries in the region and the cost advantages of secondary lead in battery manufacturing. In this context, SMM will hold the 2025 SMM Second Global Secondary Metal Industry Chain Summit Forum in Thailand on June 12-13, 2025. Wenkai Chen, Chairman of the Malaysian Non-Ferrous Metals Association, was invited to discuss the Southeast Asian secondary lead market as the topic, providing an in-depth analysis of the development and future direction of the Southeast Asian secondary lead market from multiple dimensions such as policy guidance, technological innovation, and market demand. The discussion explored the latest dynamics and trends in the Southeast Asian secondary lead market, expanding new horizons for international cooperation and providing important references for corporate strategic decision-making. Wenkai Chen is a renowned entrepreneur in the Malaysian non-ferrous metals industry, the founder and CEO of United Metal Holdings Sdn Bhd (UMH), and the President of the Malaysian Non-Ferrous Metals Association (MNMA). With over 20 years of experience in metal recycling and sustainable development, he has played a significant role in promoting the development of the non-ferrous metals market in Southeast Asia. Conference Agenda June 12 Main Agenda ·9:00-12:00 Company Visits ·10:00-12:00 Registration ·10:00-12:00 Free Negotiations ·12:00-13:00 Buffet Lunch ·13:30-13:45 Opening Remarks ·13:45-14:00 Green Transformation and Sustainable Development Prospects of Thailand's Secondary Metal Industry Guest Speaker: Dr. Somthai Wongcharoen, Secretary General of the ASEAN Institution of Recycling (AIR) ·14:00-14:20 From Policy to Market: The Impact of EU Scrap Transport Regulations on the Global Secondary Metal Industry Guest Speaker (Pending): Susie Burrage OBE, President of the European Recycling Association ·14:20-15:10 Roundtable Forum: Interviews with Top-Tier Entrepreneurs in the Secondary Metal Industry 1. Future Trends in Secondary Raw Material Supply Based on Thailand's Industry Chain Development 2. Investment Risks in the Southeast Asian Secondary Metal Industry 3. International Trade Flows and Consumption Trends in the Secondary Metal Industry Under Geopolitical Influences Moderator: Shilong Li, President of the China Renewable Resources Industry Technology Innovation Alliance Guest Speakers: Xiangchun Zhou, General Manager of Dazheng Daji Metal (Thailand) Co., Ltd. Kittipot Thanalertlap, Vice President of Metalcom Ltd. Junbing Zhang, Global Procurement Director of Hailiang Group Co., Ltd. Qingcheng Liu, Deputy General Manager of Thai-China Non-Ferrous Metals International Co., Ltd. ·15:10-15:25 Tea Break ·15:25-15:40 The Development Path of the Global Secondary Metal Industry Driven by ESG Background Guest Speaker (Pending): Lionel Lai, Sales and Procurement Manager of Majestic Corporation PLC (AUS) ·15:40-16:00 Changes in the Global Secondary Metal Industry's Supply-Demand Pattern Guest Speaker: Changyun Fei, Senior Consulting Manager of SMM Information & Technology Co., Ltd. ·16:00-16:20 Trends and Challenges in the Global Secondary Metal Industry from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Financial Director and Executive Committee Member of the Middle East Recycling Bureau ·16:20-17:10 Roundtable Forum: Exploring the Global Secondary Metal Market: In-Depth Analysis of the Advantages and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Logan Lu, CEO of SMM Information & Technology Co., Ltd. Guest Speakers: Xinghong Qin, Chairman of GSC Metal Co., Ltd. Thailand Guest Speaker (Pending): Anurag Sharma, Director of the Aluminum Division of Hindalco Xavier Comercial, Chairman of Riba Farre S.A. C ·18:30-20:00 Award Ceremony and Dinner Copper, Aluminum—Overseas High-Quality Scrap Yards and Trustworthy Traders, Battery—Recommended High-Quality Equipment Enterprises June 13 Sub-Forums ·Battery Forum ·9:00-9:20 Strategic Layout of Thailand's Battery Recycling Industry: A Blueprint for the Development of the EV Industry in the Next Five Years Guest Speaker: Sidi Du, Chairman Advisor of the Ministry of Industry, Thailand ·9:20-10:20 Roundtable Forum: Southeast Asian Battery Resource Market: Supply Chain Dynamics Guest Speakers: Wenkai Chen, Chairman of the Malaysian Non-Ferrous Metals Association Sujin Kim, Global Business Development Manager of BatX Energies ·10:20-10:40 Tea Break ·10:40-11:00 Improvement of the Battery Recycling System Driven by the Market Growth of Two-Wheeler EVs in Southeast Asia Guest Speaker: Yadea Technology Group Co., Ltd. ·11:00-12:00 Roundtable Forum: Current Status and Future Development Trends of NEV Battery Recycling Guest Speaker: Nicholas Assef, President of the Australian Battery Recycling Association ·12:00-13:30 Buffet Lunch ·Copper and Aluminum Forum ·14:00-14:20 New Dynamics in Global Secondary Copper and Aluminum Supply and Demand from a North American Perspective Guest Speaker: Robin Wiener, President of the Recycled Materials Association ·14:20-14:40 SMM Services for the Global Secondary Copper and Aluminum Metal Market Guest Speaker: Xiaoyao Zhang, Project Manager of the SMM Secondary Metal Conference, SMM Information & Technology Co., Ltd. ·14:40-15:00 Global Secondary Metal Supply-Demand Pattern Development from an Indian Perspective Guest Speaker: Amar Singh, Secretary General of the Indian Recycling Bureau ·15:00-15:20 Tea Break ·15:20-16:20 Roundtable Forum: Secondary Copper and Aluminum Scrap Yards: Innovative Recycling and Sorting Technologies Paving the Way for Green Carbon Reduction in the Industry Guest Speakers: Jiali Liang, Deputy General Manager of Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd. Ross Gunther, President of Cimco Resources, Inc. ·16:20-16:40 Exploring Africa: Sustainable Expansion and Raw Material Investment Opportunities Guest Speaker: Yousef Al Sharif, Manager of Sharif Metals Group Preview the List of Participating Companies! —SMM Second Global Secondary Metal Industry Chain Summit Forum— Conference Date: June 12-13, 2025 Conference Venue: Hyatt Regency Bangkok Suvarnabhumi, Bangkok, Thailand

【SMM Flash News】A small lead alloy smelter in east China stated that the secondary crude lead market is facing tight supply, and the delivery-to-factory price is higher than the ex-factory price of secondary refined lead. The operational pressure has forced the company to halt production, and the resumption date is yet to be determined.

【SMM Flash News】A small lead alloy smelter in East China stated that the supply of secondary crude lead in the market is tight, and the delivery-to-factory price is higher than the ex-factory price of secondary refined lead. The operational pressure has forced the company to halt production, and the resumption date is yet to be determined.