[SMM Aluminum Price Weekly Review: Supply Shortages Outside China Supported Prices to Hold Up Well, China Focused on the Turning Point of Aluminum Ingot Social Inventory]

SMM April 10: LME lead opened at $1,931/mt this week. Early in the week, prices fluctuated higher amid geopolitical tensions, touching a high of $1,962.5/mt. From mid-week onward, the market weakened and fluctuated downward, dipping to a low of $1,919.5/mt before rebounding slightly at the close, ultimately settling at $1,923/mt, down $9 from the weekly open, a decline of 0.47%. The most-traded SHFE lead 2605 contract opened at 16,755 yuan/mt this week. Early in the week, lead prices experienced wild swings within the 16,660-16,805 yuan/mt range, briefly surging higher during the session on easing geopolitical tensions and touching a high of 16,885 yuan/mt. Prices subsequently pulled back as bulls took profits and downstream consumption remained weak, dipping to a low of 16,575 yuan/mt at the close, ultimately settling at 16,685 yuan/mt, down 100 yuan WoW, a decline of 0.6%. 》Subscribe to view SMM metal spot historical prices

SMM April 10 update: This week, the mainstream ex-factory prices of secondary refined lead were at discounts of 75-0 yuan/mt against the SMM #1 lead average price, adjusting along with fluctuations in lead prices. Dragged by the consumption off-season, downstream purchasing sentiment was generally weak, with smelters mostly adopting a wait-and-see approach while holding prices firm, and the tug-of-war between upstream and downstream continued. Affected by tight scrap battery supply and high raw material costs, losses at secondary lead smelters widened further WoW. As of April 10, the theoretical comprehensive profit/loss for large-scale enterprises was -184 yuan/mt, and for small and medium-sized enterprises -388 yuan/mt (excluding tin and antimony by-product revenues). Next week, production ramp-up at resuming smelters and production cuts at smelters facing raw material shortages will coexist, with a tug-of-war between longs and shorts on the supply side. Enterprise losses are expected to remain in the doldrums. Meanwhile, as the consumption off-season continues, weak purchasing sentiment from downstream battery plants will weigh on secondary lead prices. However, scrap battery raw material costs still provide support, and SMM expects secondary lead premiums to move sideways. >> Subscribe to view SMM metal spot historical prices

SMM News, April 3: LME lead opened at $1,904.5/mt this week. At the beginning of the week, amid disruptions from geopolitical tensions and a stronger US dollar, LME lead swung wildly within the range of $1,892.5-1,917/mt, hitting a low of $1,892.5/mt during the period. Mid-week, the market expected geopolitical tensions to ease, and coupled with support from the non-ferrous metals sector, lead prices fluctuated upward and climbed to a high of $1,944/mt. Toward the end of the week, geopolitical tensions flared up again, and together with profit-taking by bulls, LME lead retreated from highs and consolidated. Supported by the strength of SHFE lead, its losses narrowed, and it finally closed at $1,934.5/mt, up $31.5 from the beginning of the week, or 1.66%. The market was closed on Friday for Good Friday. The most-traded SHFE lead 2605 contract opened at 16,535 yuan/mt this week. In early trading, lead prices edged down and fell to a low of 16,415 yuan/mt, then moved sideways within the range of 16,430-16,530 yuan/mt. Mid-week, bullish funds pushed lead prices higher and kept them hovering at highs, with prices touching a high of 16,810 yuan/mt by the close. It finally closed at 16,785 yuan/mt, up 230 yuan WoW, or 1.39%. > Subscribe to View Historical SMM Metal Spot Prices

SMM, April 3: This week, the mainstream tax-included ex-factory prices of secondary lead were at discounts of 50 yuan/mt to premiums of 50 yuan/mt against the SMM #1 lead average price, with local premiums at 75-100 yuan/mt; lead prices rose mid-week, boosting enterprises' willingness to make shipments, but downstream consumers remained cautious in pre-holiday procurement, and overall actual transactions in the spot market were relatively weak. This week, the rise in lead prices helped repair smelter losses to some extent, but persistently high raw material costs for scrap batteries still put certain pressure on smelter profits. As of April 3, 2026, the theoretical comprehensive profit and loss for large-scale enterprises stood at -133 yuan/mt, and that for small and medium-sized enterprises was -315 yuan/mt (the by-product revenue in the model did not include tin and antimony). Next week, after the holiday, the pace of smelter production resumptions will accelerate, coupled with continued inflows of imported lead, leaving overall supply relatively ample. As the consumption off-season approaches, premiums for spot orders of secondary refined lead are expected to continue moving sideways within a range, with limited room for the premium range to expand. 》Subscribe to View Historical SMM Metal Spot Prices

SMM, April 3: At the start of this week, lead prices held steady at low levels, and the purchase price of waste e-bike batteries remained at 9,750 yuan/mt. After lead prices rose on Wednesday, smelter quotations showed a stable-to-firmer trend, with the final national average purchase price raised to 9,800 yuan/mt. Recyclers simultaneously raised their buying prices, and the mainstream recycling quotation range for EV batteries was 9,300-9,450 yuan/mt. This week, raw material inventory for secondary lead fell about 19% MoM. Coupled with an increase in enterprise production resumptions after the holiday, this was expected to support scrap battery prices. Domestic secondary crude lead operated at relatively low rates due to persistently high scrap battery costs and smelting losses, while supplier quotations remained firm; as of Friday this week, the mainstream ex-factory price excluding tax was around 15,450 yuan/mt. Imported secondary crude lead saw concentrated arrivals as the import window opened, resulting in ample supply. Domestic secondary crude lead production resumptions were expected to remain slow in April, while imported cargoes continued to flow in. Combined with the off-season for battery demand, prices were expected to move sideways within a range, with imported cargoes weighing on market prices. > Subscribe to View Historical SMM Metal Spot Prices

SMM News on April 3: As of April 2, finished product inventories of secondary lead stood at 14,000 mt, an increase of 2,200 mt from March 26. Rising lead prices prompted suppliers to hold prices firm and hold back from selling, while downstream battery plants stayed on the sidelines amid high-priced cargoes and mainly picked up goods under long-term contracts; coupled with replenishment from imported crude lead, smelters' finished product inventories accumulated. Next week, with secondary lead production expected to improve and the off-season approaching, downstream procurement is likely to remain weak, and inventories are expected to continue rising. > Subscribe to View Historical SMM Metal Spot Prices

SMM News on April 3: From March 27 to April 2, 2026, SMM surveyed the weekly operating rate of secondary lead in four provinces in China at 44.22%, up 0.96 percentage points WoW. By region, enterprises in Anhui cut production due to pressure on raw material supply, while production resumptions at small smelters in Jiangsu lifted the regional operating rate, coupled with lead prices fluctuating at highs, smelters' losses were somewhat repaired; production in Henan and Inner Mongolia remained stable. Looking ahead to next week, smelters' production enthusiasm is expected to improve, and the operating rate of secondary lead in four provinces is expected to trend steadily better, with a slight increase of 0.14 percentage points WoW. Going forward, close attention should be paid to raw material supply and the impact of downstream demand-side sentiment on production. 》Subscribe to View Historical SMM Metal Spot Prices

SMM News, March 27: This week, quoted prices for scrap battery recycling diverged, at 9,250-9,450 yuan/mt. High-priced cargo collection squeezed traders' profits, while low-priced recycling saw limited volume growth; coupled with sluggish downstream consumption, relatively scarce retired resources, and end-users' reluctance to sell, this week's recycling volume was about half the normal level on a YoY basis. After Qingming Festival, more smelters were expected to resume production, supporting raw material demand, and attention should remain on lead prices as well as smelters' production, sales, and maintenance pace. > Subscribe to View Historical SMM Metal Spot Prices

SMM News, March 27: This week, the tax-inclusive ex-factory price of secondary lead was at parity against the SMM #1 lead average price, with slight premiums of 25-50 yuan/mt in some areas. Market wait-and-see sentiment was strong, downstream purchasing was weak, and smelters offered few quotations while generally holding prices firm and being reluctant to sell, resulting in sluggish trading. As of March 27, the theoretical comprehensive profit/loss for large-scale enterprises stood at -229 yuan/mt, and that for small and medium-sized enterprises was -429 yuan/mt (excluding revenue from high-value by-products such as tin and antimony). The rigid inversion caused by high raw material costs and low lead prices was the main reason for the industry's continued losses. After the Qingming Festival next week, more smelters are expected to resume production, and expectations for increased spot supply of secondary lead are strong. However, downstream purchases for rigid demand are limited, making it difficult for spot prices to rise significantly, and smelters' profit margins will remain constrained. At present, supplies of primary lead and imported lead are ample, and spot order premiums for secondary refined lead are expected to maintain sideways movement, with insufficient momentum for substantial premiums. » Subscribe to View Historical SMM Metal Spot Prices