SMM News on March 6: Scrap battery retirements were limited, and collection volumes on the recycling end were weak; some smelters faced inventories are critically low for raw materials and implemented production cuts, providing strong support for waste lead-acid battery prices. Meanwhile, stores and recyclers showed strong reluctance to sell, and market trading activity for scrap batteries was expected to remain subdued next week. This week, a few domestic secondary crude lead smelters suspended production due to environmental protection-related controls. Downstream buyers said that procurement became difficult after supply tightens, suppliers held firm on offers, and mainstream tax-exclusive ex-factory prices were 15,450-15,550 yuan/mt. Sentiment for imported lead trading was weak; quotations were limited this week, and self pick-up prices at some ports remained at 300 yuan/mt below the SMM #1 lead average price. > Subscribe to view SMM historical spot metal prices

SMM February 13: Lead prices fluctuated rangebound during the week, with low quotation activity in the spot market. Most smelters halted shipments for the holiday, while a few enterprises, facing high finished product pressure, were willing to sell off goods, but encountered limited purchase interest. The mainstream ex-factory prices for secondary refined lead spot orders, including tax, were at discounts ranging from 100 to 0 yuan/mt against the SMM #1 lead average price, with a few spot cargoes delivered to downstream enterprises at parity. Downstream battery producers resumed production slightly earlier than secondary lead smelters after the holiday, but digesting pre-holiday lead ingot inventory was expected to take 4 to 7 days. SMM anticipated that secondary lead enterprises would show high shipment activity at that time, while downstream purchase willingness would remain low. Losses at secondary lead smelters persisted, and the number of enterprises reducing or halting production increased during the Chinese New Year holiday. Although waste lead-acid battery prices declined slightly, sluggish trading activity in the lead industry chain weighed on lead price trends. As of February 13, 2026, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was -267 yuan/mt, while for small and medium-scale enterprises it was -474 yuan/mt (by-product revenues in the model exclude tin and antimony). After the holiday, secondary lead smelters concentrated on production resumptions, leading to a surge in demand for waste lead-acid batteries; raw material costs were expected to rise significantly. If purchase willingness among downstream battery producers recovers poorly, lead price increases will face pressure, and SMM expects the loss-making trend for secondary lead to persist. 》Order to View SMM Metal Spot Historical Prices

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 January 30: Lead prices remained low, and the scale of production halts at secondary lead smelters expanded. Recycling enterprises were highly cautious of price declines. Coupled with their need to recoup funds before the holiday, the willingness to sell scrap batteries was relatively good during the week. Meanwhile, secondary lead smelting enterprises conducted routine pre-holiday stockpiling, leading to a significant increase in raw material inventory. SMM data showed that the raw material inventory of secondary lead enterprises increased by 34,000 mt WoW this week. Next week, as some scrap battery suppliers gradually enter the holiday period, while some secondary lead smelting enterprises still have stockpiling demand, SMM expects scrap battery prices to hold steady. Due to weak spot cargo digestion in the domestic market, the inflow enthusiasm for imported crude lead supplies declined, resulting in fewer offers this week. As of January 30, 2026, the ex-factory VAT-exclusive offers for domestic secondary crude lead were 15,450-15,550 yuan/mt, and transactions were also weak. As downstream enterprises gradually enter the holiday period, purchase willingness remained sluggish. SMM expects activity in the secondary crude lead market to decline further next week. 》Order to View SMM Metal Spot Historical Prices

Downstream battery producers showed lukewarm stockpiling intentions before the Chinese New Year, and finished product inventories at secondary lead smelters remained under pressure. Meanwhile, prices of waste lead-acid batteries stayed high and were slow to decline, making it difficult for smelters to alleviate cost pressures. Loss-making conditions dampened production enthusiasm among secondary lead smelters, and most enterprises have already formulated holiday plans. According to SMM, some secondary lead enterprises scheduled their holidays around 5 days earlier YoY compared to last year.

SMM January 23: The SMM weekly operating rate for secondary lead in four provinces was 50.26% during January 16-22, 2026, down 0.12 percentage point WoW. The operating rate in Anhui increased by over 9 percentage points, mainly due to a local smelter resuming production after successfully renewing its hazardous waste business license. The operating rate in Henan dropped by more than 3 percentage points, primarily affected by blizzard conditions delaying raw material arrivals and environmental protection-related controls limiting production. The operating rate in Jiangsu increased slightly, as local enterprises reported higher long-term contract delivery tasks and production ramp-ups due to downstream pre-holiday stockpiling. Inner Mongolia saw new production halts this week, causing the regional operating rate to plunge by 46.29 percentage points. Downstream battery producers showed moderate pre-Chinese New Year stockpiling interest, and secondary lead smelters still faced finished product inventory pressure. Meanwhile, waste lead-acid battery prices remained high, making it difficult to alleviate smelters' cost pressure. Loss-making conditions dampened secondary lead smelters' production enthusiasm, with most enterprises having formulated holiday plans. As individual smelters in east China resumed production and gradually ramped up output, the secondary lead operating rate is expected to increase slightly next week based on forecast data; however, vigilance is still needed against potential drags from environmental protection-related controls and changes in loss-making situations on the secondary lead operating rate. 》Order to View SMM Metal Spot Historical Prices

SMM December 12: This week, the supply in the waste lead-acid battery market showed significant regional disparities. The supply of automotive lead-acid batteries increased in Northeast and North China, while the retirement volume of EV lead-acid batteries declined in East China. Secondary lead smelters reported reduced arrivals, and their weekly raw material inventory dropped by 5,700 mt WoW. Currently, the mainstream tax-included price of waste EV batteries delivered to smelters is 9,850-10,000 yuan/mt. SMM expects further upside room for waste lead-acid battery prices next week. Spot supply of domestic secondary crude lead remained limited, with few offers this week. Some enterprises purchasing secondary crude lead for lead alloy production indicated that individual secondary crude lead smelters in Central and East China were holding back cargoes and had delays in fulfilling long-term contracts. As of December 12, 2025, the mainstream ex-factory, tax-excluded offer for secondary crude lead (standard grade) was 15,800-15,900 yuan/mt. Supported by raw material prices and persistent tight supply, SMM expects secondary crude lead offers to remain high next week. 》Order and View SMM Metal Spot Historical Prices

SMM, December 5: After the Northern Hemisphere entered winter, the retirement volume of waste lead-acid batteries in North China significantly declined as temperatures dropped. Retailers reported a gradual decrease in the retirement of lead-acid batteries for e-bikes, while recyclers indicated that reduced supply has increased retailers' reluctance to sell, making purchases more difficult. Some smelters saw their daily raw material arrivals drop by 200 mt WoW. Currently, the mainstream tax-inclusive price of waste e-bike batteries arriving at smelters is 9,800-10,000 yuan/mt, and SMM expects further upside potential for waste lead-acid battery prices next week. Spot orders for secondary lead smelters remain scarce, and offers for secondary crude lead remain firm. As of December 5, 2025, the mainstream ex-factory tax-exclusive offer for secondary crude lead (standard grade) was 15,900-16,000 yuan/mt. With lead prices rebounding amid fluctuations, subsequent attention should be paid to changes in the SHFE lead ratio. If import conditions improve, inflows of overseas crude lead could supplement the domestic market, potentially easing the supply-demand imbalance for secondary crude lead. 》Order to View SMM Metal Spot Historical Prices

Futures: Overnight, LME lead opened at $1,990.5/mt, fluctuated upward during the Asian session, touched a high of $2,009.5/mt, entered the European session and fluctuated considerably due to increased bear positions, continued to fall to a low of $1,988/mt by the end of the session, and finally closed at $1,993.5/mt, down $6/mt, a decrease of 0.30%. A small bullish candlestick was recorded. Overnight, the most-traded SHFE lead 2601 contract opened lower with a gap at 17,170 yuan/mt, fluctuated rangebound around the daily average line, with a low of 17,140 yuan/mt during the session, and finally closed at 17,165 yuan/mt, down 15 yuan/mt, a decrease of 0.09%. A small bearish candlestick was formed. On the macro front: Trump is expected to announce the US Fed Chairman candidate early next year, actively hinting that Hassett will be the next Fed Chairman. The OECD maintained its global economic growth expectations for this year and next, and expects the interest rate cut cycle in major economies to end next year. Metal derivatives trading surged, with CME Group's daily average trading volume in November hitting the second-highest record in history. The PBOC net injected 50 billion yuan via open market government bond transactions in November. Is the wave of LFP price increases coming? Lopal: Currently communicating with customers about price increase matters. The staff member stated directly that current raw material prices for LFP are rising, profit margins in the LFP industry are under pressure, coupled with continuously expanding market demand, price increases are an inevitable trend in the industry. China called for strengthening supervision of trade measures and enhancing transparency of trade policies at the WTO. : Lead ingot supply in the Shanghai market was limited, some suppliers had no spot cargo available for sale in the short term and thus suspended quotations. Meanwhile, primary lead cargoes self-picked up from production sites were relatively ample, suppliers mostly actively quoted and sold goods, some quotes showed a discount expanded by 20-30 yuan/mt against the SHFE lead 2601 contract compared to yesterday, while against the SMM #1 lead average price, they maintained a premium of 0-50 yuan/mt ex-works. Additionally, secondary lead enterprises increased shipments relatively, coupled with some imported lead arriving at ports and being quoted for sale, downstream enterprises had more procurement options, their favour for cargoes self-picked up from production sites decreased, and transactions turned quiet. Inventory: On December 2, LME lead inventory decreased by 3,925 mt to 256,950 mt; as of December 1, the total social inventory of lead ingots across five regions surveyed by SMM fell to 30,700 mt, down 6,300 mt from November 24 and down 4,300 mt from November 27, dropping to a near one-month low. Today's lead price forecast: Primary lead side, maintenance at delivery brand enterprises persists, regional supply differences widen; secondary lead side, lead prices stopped falling and rebounded, coupled with waste lead-acid battery prices not yet following the increase, lead smelting profits saw some repair, smelters' willingness to ship goods showed positive signs, but spot order supply remains tight. On the consumption side, demand for lead-acid batteries has relatively improved, with enterprises raising their operating rates. After lead prices stopped falling, the risk-averse wait-and-see sentiment among downstream enterprises has somewhat weakened, and increased purchasing enthusiasm has provided support for lead prices. Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice.

SMM December 3: Overnight, LME lead opened at $1,990.5/mt, fluctuated upward during the Asian session, touched a high of $2,009.5/mt, then fluctuated considerably during the European session due to increased bear positions, and continued to fall to a low of $1,988/mt toward the close, finally settling at $1,993.5/mt, down $6/mt, a decrease of 0.30%. A small bullish candlestick was recorded. Overnight, the most-traded SHFE lead 2601 contract opened lower with a gap at 17,170 yuan/mt, fluctuated rangebound around the daily moving average, with a low of 17,140 yuan/mt during the session, and finally settled at 17,165 yuan/mt, down 15 yuan/mt, a decrease of 0.09%. A small bearish candlestick was formed. Primary lead side, maintenance at delivery brand enterprises persists, regional supply differences widen; secondary lead side, lead prices stopped falling and rebounded, coupled with waste lead-acid battery prices not yet following the rise, lead smelting profits improved somewhat, smelters' willingness to sell showed positive signs, but spot order supply remains tight. On the lead consumption side, lead-acid battery market demand relatively improved, enterprise operating rates were raised, after lead prices stopped falling, downstream enterprises' risk-averse wait-and-see sentiment weakened somewhat, increased purchasing enthusiasm provided support for lead prices. Data source statement: Data other than public information are processed by SMM based on public information, market communication, and relying on SMM's internal database model, for reference only and do not constitute decision-making advice.