SMM reported on June 23: Dealers in Shandong reflected that end-use consumption in the e-bike lead-acid battery market was sluggish, with multiple brands implementing sales promotions, creating a strong promotional atmosphere in the battery wholesale market. For example, the wholesale price for the main model 48V20Ah was 380 yuan per set. Manufacturers in Jiangxi reported that the off-season trend in the e-bike lead-acid battery market persisted, with dealers showing low procurement enthusiasm. After the holiday, battery orders did not improve, and the factory's operating rate is currently around 70%, with raw material lead mainly being used to digest inventories. Manufacturers in Zhejiang reported that replacement demand in the e-bike lead-acid battery market was weak, and matching orders for complete vehicles were also scarce. Currently, the factory produces based on sales, with the production line operating rate at 70-80%. Additionally, as they had already stockpiled inventory during the earlier period when lead prices fell, there is no plan to purchase in the short term.

SMM June 22 News: End-use consumption in the e-bike lead-acid battery market is sluggish, producers have poor orders, and most are maintaining production cuts. Recently, some province and city governments, in collaboration with automakers, have restarted trade-in subsidies for e-bikes. Currently, regions such as Guangdong, Henan, and Hubei have officially announced that this will be implemented starting in July.

China's imports of lead-acid batteries in May 2026 amounted to 481,400 units, up 3.28 percentage points MoM and up 13.62 percentage points YoY. Combined imports from January to May 2026 reached 2.2611 million units, down 1.57 percentage points YoY.

[SMM Flash] According to customs data, China's exports of lead-acid batteries in May 2026 reached 20.6522 million units, up 7.73 percentage points MoM and up 2.8 percentage points YoY. Combined exports from January to May 2026 totaled 85.9478 million units, down 8.86 percentage points YoY.

According to SMM data, the weekly overall operating rate of lead-acid battery enterprises across five provinces stood at 66.82% from June 12 to June 18, 2026, edging down 0.37 percentage points WoW. In June, amid the mid-year period, production at major lead-acid battery enterprises remained relatively stable. However, end-use market consumption was sluggish. Some enterprises reported significant finished product inventory pressure. In addition, with the Dragon Boat Festival holiday approaching, lead-acid battery enterprises generally planned a 1-3 day holiday. Among them, a few enterprises advanced their holiday or extended it to five days due to insufficient orders, leading to a slight decline in the operating rate this week. The Dragon Boat Festival holiday this year falls on June 19-21. As enterprises enter the holiday period, the operating rate is expected to decline further next week.

Recently, the lead-acid battery market’s traditional off-season trend continued, with dealers’ response to battery sales promotions remaining tepid. Most dealers maintained purchasing as needed; for example, the wholesale price of the main e-bike lead-acid battery model 48V12Ah was reported at 270 yuan per set, while live streaming promotions were conducted during the "618" festival. On the producer side, this week, lead prices rebounded with volatility, and downstream enterprises’ purchasing enthusiasm for lead ingots weakened significantly WoW. On the one hand, lead inventory purchased earlier had not yet been consumed; on the other hand, the rebound in lead prices dampened downstream purchasing enthusiasm, leading to weaker spot lead market transactions.

[Lead-Acid Battery Enterprise Updates] According to information from the National Intellectual Property Administration, Tianneng Battery Group Co., Ltd. has applied for a patent titled “A positive electrode paste for lead-acid batteries and its preparation method and application.” The application publication number is CN122202305A, and the application number is CN202610065109.6.

[Lead-acid Battery Enterprise News] According to information released by the China National Intellectual Property Administration, Zhejiang Narada Power Source Co., Ltd., Hubei Narada New Energy Research Co., Ltd., and Wuhan Narada New Energy Technology Co., Ltd. have applied for a patent titled "Storage Battery and Lead Base", with authorization announcement number CN224355418U.

SMM, June 15: Last Friday, LME lead opened at $1,953/mt, swung wildly during the Asian session, hitting a low of $1,947.5/mt; after entering the European session, LME lead fluctuated upward, touched a high of $1,968.5/mt near the close, and finally settled at $1,967/mt, up 0.49%. Last Friday evening, the most-traded SHFE lead 2607 contract opened at 16,055 yuan/mt, briefly touched a low of 16,035 yuan/mt at the start of the session, then moved sideways, touched a high of 16,125 yuan/mt near the close, and finally settled at 16,100 yuan/mt, up 0.28%. Demand side, production at lead-acid battery enterprises was relatively stable; after lead prices fell, downstream enterprises bought the dip on demand; and, considering the potential mid-year book closing and inventory check in late June, some downstream enterprises bought in advance. Supply side, production at primary and secondary lead enterprises saw both increases and decreases, and supply differences are expected to be relatively small. In-factory inventories at both declined, easing smelters' shipment pressure. In particular, secondary lead smelters, suffering severe losses, showed limited willingness to sell. Spot lead is expected to continue selling at a small premium (over SMM #1 lead). If SHFE lead falls again, the possibility of spot lead trading above futures cannot be ruled out.

Futures: Last Friday, LME lead opened at $1,953/mt, swung wildly during Asian trading and hit a low of $1,947.5/mt; entering the European session, LME lead fluctuated upward, touching a high of $1,968.5/mt in late trading, and finally settled at $1,967/mt, up 0.49%. Last Friday evening, the most-traded SHFE lead 2607 contract opened at 16,055 yuan/mt, dipped briefly to a low of 16,035 yuan/mt, then moved sideways, hitting a high of 16,125 yuan/mt near the close, and finally settled at 16,100 yuan/mt, up 0.28%. On the macro front: According to a Reuters/Ipsos poll, US President Trump's approval rating among voters in rural America dropped to 50%, the lowest of his presidency. Middle East tensions--Trump: Iran deal reached, free passage through the Strait and US military blockade lifted. The PBOC released its financial statistics report for May 2026: M2 was flat while M1 rose; the incremental scale of aggregate social financing in the first five months reached 17.48 trillion yuan. Spot fundamentals: SHFE lead continued to be in the doldrums, once again nearing the 16,000 mark. Suppliers were somewhat divided in their shipments, with quotations featuring both premiums and discounts. Inventories at smelters in major producing regions declined, and suppliers held prices firm when selling. Electrolytic lead from major producing regions was quoted at premiums of 0-100 yuan/mt against the SMM #1 lead average price, EXW. In secondary lead, smelters offered limited cargoes, with some secondary refined lead quoted at premiums of 0-25 yuan/mt against SMM #1 lead, EXW. Downstream enterprises maintained just-in-time procurement, mainly sourcing EXW cargoes from smelters, while transactions for warehouse cargoes in the Jiangsu, Zhejiang, Shanghai market were modest. Inventory side: On June 12, LME lead inventory decreased by 775 mt to 305,875 mt. As of June 11, total SMM lead ingot social inventory across five locations reached 65,400 mt, down 1,700 mt from June 4, and up over 700 mt from June 8. Today's lead price forecast: On the consumption side, lead-acid battery enterprises maintained relatively stable production. After the decline in lead prices, downstream enterprises bought the dip as needed, and considering possible mid-year book closing and inventory checks in late June, some downstream firms made advance purchases. On the supply side, primary and secondary lead enterprises saw both increases and decreases in production, with supply expected to show little difference. In-factory inventories at both types of smelters declined, easing the pressure to sell. In particular, heavy losses at secondary lead smelters discouraged them from offering cargoes. Spot lead is expected to continue being quoted at small premiums against SMM #1 lead, and if SHFE lead falls further, the possibility of spot prices exceeding futures cannot be ruled out.