[SMM Market Update] Lead-acid battery end-use consumption is sluggish, with weak purchasing demand for lead ingots and lead alloys. Some refined lead and alloy smelters have cut or halted production; meanwhile, domestic secondary crude lead smelters are under sales pressure. Going forward, attention should be paid to the opening of the import window; if imported crude lead flows in significantly, the sales pressure on domestic secondary crude lead smelters will intensify.

SMM April 17 News: The cost side provided support for lead prices this week, with expectations for both imported and domestic secondary crude lead to hold prices firm. Domestic regular secondary crude lead was mainly transacted at 15,300-15,350 yuan/mt excluding tax, and at a discount of around 75 yuan/mt to the SMM #1 lead average price including tax. Imported crude lead (containing 0.2 Sb, 0.3 Sn) was at a discount of around 50 yuan/mt. Downstream refined lead and alloy smelters purchased on rigid demand, mainly from imported sources. The SHFE/LME price ratio narrowed and the imported lead premium rose. It is expected that the inflow of imported refined lead will decrease going forward, but as March orders were relatively large, some cargoes will still arrive at ports in April.

SMM April 10 update: Lead prices fluctuated this week due to geopolitical tensions and the consumption off-season, with scrap battery purchase prices remaining largely stable overall. Early in the week, some large and mid-sized smelters slightly raised prices to restock. Mid-week, lead prices rose but producers held off and did not follow suit. By the weekend, lead prices pulled back, yet smelters did not lower purchase prices in tandem due to tight supply. In early April, the recycling side slightly raised prices, with waste e-bike battery recycling prices up 20-80 yuan/mt compared to late March. Next week, some smelters plan to cut production due to low raw material levels. Restocking demand from smelters that have not cut production will support scrap battery prices, but upside room is limited by cost and profit constraints, with prices expected to remain largely stable in the short term. Domestic secondary crude lead quotes remained firm, with downstream refined lead and alloy smelters maintaining rigid-demand purchases. Actual tax-exclusive transactions during the week fluctuated around the 15,350 yuan/mt range. Affected by geopolitical factors and China's consumption off-season, import lead profit margins narrowed, and quote activity pulled back notably this week. SMM expects that cost-side factors will provide price support next week, with both imported and domestic secondary crude lead having expectations of holding prices firm. 》Subscribe to view SMM metal spot cargo historical prices

SMM February 13: Waste lead-acid battery enterprises entered the holiday period, and the recycling market nearly halted. During the week, a few recyclers cleared inventory and arranged shipments to smelters; smelters that maintained purchasing planned to reduce their purchase prices for waste electric batteries by 50-100 yuan/mt by the end of this week. Trading activity in the lead market is expected to drop to a freezing point next week, with recycling enterprises projected to resume operations after the Lantern Festival. Trading sentiment in the secondary crude lead market was relatively cold during the week, with both offers and inquiries sparse. As of February 13, 2026, domestic secondary crude lead was offered ex-factory, excluding tax, at around 15,350 yuan/mt. Downstream refined lead and alloy smelters had basically entered the holiday, with only a few enterprises buying the dip. After the holiday, overseas lead ingot shipments to China resumed, and attention is focused on the demand-side recovery of China's secondary crude lead market. 》Order to View SMM Metal Spot Historical Prices

The domestic secondary crude lead market experienced sluggish transactions. As of February 6, 2026, the ex-factory tax-exclusive offers for domestic secondary crude lead stood at 15,250-15,400 yuan/mt. Downstream refined lead and alloy smelters gradually entered the holiday period, showing weak stockpiling willingness. Overseas lead ingot suppliers basically halted transactions with China due to poor consumption in the Chinese market, with only some previously concluded shipments maintaining normal in-transit transportation. The trading atmosphere in the secondary crude lead market will continue to weaken next week.

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 October 24: After lead prices rose during the week, secondary lead smelters' scrap battery purchase prices did not follow the increase significantly. Recyclers held back from selling amid strong wait-and-see sentiment after observing lead price trends. The weekly operating rate of secondary lead maintained an upward trend, and raw material demand also continued to increase. On Friday, some smelters raised their purchase quotations by 30-50 yuan/mt. Currently, the mainstream tax-included price for secondary lead smelters purchasing scrap e-bike lead-acid batteries is 9,950-10,100 yuan/mt, with further room for increase. Supply of domestic secondary crude lead was tight, especially in central regions such as Hebei and Henan. As of October 24, 2025, the mainstream ex-factory price of secondary crude lead ranged from 16,000 to 16,100 yuan/mt. The import window remained open, with overseas crude lead continuously flowing into the domestic market. Secondary lead and alloy smelters in eastern regions were active in purchasing, with delivered crude lead quotations at discounts of 200-0 yuan/mt against the SMM #1 lead average price. Attention is being paid to the impact of imported crude lead on domestic secondary crude lead prices. 》Subscribe to View SMM Metal Spot Historical Prices

SMM August 1 News: After maintaining stability for a period, the price of waste lead-acid batteries fell this week. Although the market supply remains limited, the downward shift in the price center of lead has made it unsustainable for smelters to continue supporting the firm prices of scrap batteries amid mounting losses. Recyclers, fearing further price drops, are actively reporting the types and quantities of goods to smelters to lock in prices before they fall further. Currently, the mainstream tax-inclusive purchase price for scrap e-bike lead-acid batteries implemented by smelters ranges from 10,100 to 10,250 yuan/mt, with some offering a price guarantee at 10,300 yuan/mt. It is expected that the arrivals of raw materials at smelters may improve briefly next week. The operating rate of secondary crude lead smelters is low, with some manufacturers still undergoing maintenance. Recently, due to the weak trend in lead prices, there have been few reports of imported crude lead prices, while domestic secondary crude lead prices remain firm. The purchase enthusiasm of refined lead and alloy smelters is also low, and they are currently focusing on digesting inventories. 》Subscribe to view historical spot prices of SMM metals