[Waste Lead-Acid Battery Market Dynamics] With lead prices in the doldrums, secondary lead smelters faced significant cost pressure on raw materials and recently lowered their purchase quotes for scrap batteries. Meanwhile, recyclers were also expected to follow suit by cutting their purchase quotes from stores. Some recyclers in east China said they would hold prices today and lower recycling prices by 30 yuan/mt starting tomorrow.

SMM May 8 update: This week, the mainstream tax-exclusive transaction price of domestic ordinary secondary crude lead was around 15,350 yuan/mt, with tight spot order availability in the market. The SHFE/LME price ratio pulled back, coupled with undersupply of scrap batteries outside China and production constraints, the inflow of imported crude lead decreased, and overall market offers were scarce. Looking ahead to next week, the secondary crude lead supply landscape is expected to maintain the status quo for now, with weak downstream finished product orders, and purchase willingness for secondary crude lead is expected to remain subdued.

SMM, April 10: Overnight, LME lead opened at $1,943/mt. During the Asian session, prices dipped briefly before oscillating higher to touch $1,948/mt. Entering the European session, lead prices continued to weaken, hitting a low of $1,921/mt, before rebounding slightly toward the close, ultimately settling at $1,925.5/mt, down $22/mt or 1.13%. Overnight, the most-traded SHFE lead 2605 contract opened lower with a gap at 16,710 yuan/mt. Early in the session, prices moved sideways within the 16,710-16,745 yuan/mt range, touching a high of 16,745 yuan/mt, before coming under pressure and weakening to a low of 16,675 yuan/mt. After 23:00, prices rebounded slightly but lacked upward momentum, ultimately closing at 16,705 yuan/mt, forming a bearish candlestick, down 80 yuan/mt or 0.48%. Supply side, social inventory of lead ingots across five major regions in China decreased slightly. Some secondary lead enterprises accelerated resumption of production after the holiday, with capacity gradually being released. Meanwhile, some smelters cut production slightly due to raw material shortages of scrap batteries, presenting a mixed supply picture. Demand side, the market was dominated by just-in-time procurement, with a few participants restocking on dips, while most others primarily fulfilled long-term contracts, and the spot order market remained sluggish. Resistance on SHFE lead became increasingly evident, and lead prices were expected to maintain a range-bound consolidation trend going forward.

Futures: Overnight, LME lead opened at $1,943/mt. Prices dipped briefly during the Asian session before rising in a volatile manner, touching a high of $1,948/mt. Entering the European session, lead prices continued to weaken, hitting a low of $1,921/mt. Prices rebounded slightly toward the end of the session, ultimately closing at $1,925.5/mt, down $22/mt, a decline of 1.13%. Overnight, the most-traded SHFE lead 2605 contract opened lower with a gap at 16,710 yuan/mt. Early in the session, prices moved sideways within the 16,710-16,745 yuan/mt range, touching a high of 16,745 yuan/mt. Prices then came under pressure and weakened, hitting a low of 16,675 yuan/mt. After 23:00, prices rebounded slightly but lacked upward momentum, ultimately closing at 16,705 yuan/mt, posting a small bearish candlestick, down 80 yuan/mt, a decline of 0.48%. On the macro front: 1. Trump warned Iran not to charge tolls for passage through the Strait of Hormuz. 2. Putin announced a 32-hour ceasefire for Orthodox Easter, and Ukraine followed suit. 3. The Israeli PM ordered direct negotiations with Lebanon. 4. Sources said Iran would not engage in peace talks with the US until a ceasefire was achieved in Lebanon. 5. US media: The US government was expected to extend Russian oil sanctions waivers this week, potentially paving the way for Iranian oil waivers. 6. Yemen's Houthi forces threatened to tighten Red Sea passage over the Lebanon attack issue. 7. He Lifeng met with Ray Dalio, founder of US investment company Bridgewater. 8. Four government departments held a symposium with enterprises in the power and ESS battery industry. Spot fundamentals: Macro sentiment shifted, non-ferrous metals pulled back broadly, and SHFE lead also declined in a volatile manner. Suppliers became less willing to make shipments, and quoted discounts narrowed compared to the previous day. Additionally, the price spread for primary lead cargoes self-picked up from production site widened, especially in South China where quoted discounts expanded further. Mainstream production areas were quoted at premiums of -50 to +25 yuan/mt against SMM #1 lead, ex-works. Secondary lead side, smelters made shipments following the market trend. Secondary refined lead was quoted at premiums of -50 to 0 yuan/mt against SMM #1 lead average price, ex-works. Downstream enterprises only made just-in-time procurement, with a few purchasing on dips, while others mainly took delivery under long-term contracts. The spot order market was sluggish. Inventory side, as of April 9, LME lead inventory decreased by 250 mt to 278,775 mt; SMM social inventory of lead ingots across five regions pulled back slightly. Lead price forecast for today: Supply side, social inventory of lead ingots across five regions in China decreased slightly. Some secondary lead enterprises accelerated resumption of production after the holiday, with capacity gradually being released. Meanwhile, some smelters cut production slightly due to raw material shortages of scrap batteries, presenting a mixed picture on the supply side. Demand side, the market was dominated by just-in-time procurement, with a few entities restocking on dips, while the rest mainly fulfilled long-term contracts. The spot order market saw sluggish trading activity. SHFE lead faced increasing resistance from above, and lead prices were expected to maintain a range-bound consolidation trend going forward.

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 News, March 27: This week, the most-traded SHFE lead 2605 contract opened at 16,360 yuan/mt. Dominated by bears in early trading, prices fluctuated downward to a low of 16,320 yuan/mt. Thereafter, the tug-of-war between longs and shorts intensified, and the futures entered a narrow consolidation. Mid-week, supported by smelters holding spot prices firm, cost support from scrap batteries for secondary lead, and broad strength across the non-ferrous metals complex, lead prices fluctuated upward and touched a high of 16,590 yuan/mt. In the latter part of mid-week, bullish momentum gradually weakened, and coupled with sluggish spot trades and weak downstream consumption, the price center of lead slowly moved lower, pulling back to around 16,410-16,440 yuan/mt. Toward the end of the week, macro sentiment eased, lead prices rebounded slightly, and finally closed at 16,555 yuan/mt, up 265 yuan WoW, or 1.63%. This week, LME lead opened at $1,889/mt. Dominated by bearish sentiment in early trading, it fluctuated downward to a low of $1,873.5/mt. Subsequently, buying interest gradually entered the market to support a price rebound, and after the tug-of-war between longs and shorts intensified, the futures entered a narrow consolidation. Mid-week, driven by broad strength across the non-ferrous sector, lead prices fluctuated upward and touched a high of $1,920/mt. In the latter part of mid-week, bullish momentum gradually weakened, and LME lead fluctuated downward. Toward the end of the week, market sentiment eased, and lead prices rebounded slightly in consolidation, finally closing at $1,906/mt, up $17 from the start of the week, or 0.89%. > Subscribe to View Historical SMM Metal Spot Prices

SMM News, March 27: Lead prices operated at low levels this week, and secondary lead smelters generally lowered their purchase prices for scrap batteries. Today’s average purchase prices were: waste e-bike battery at 9,775 yuan/mt, waste automotive lead-acid battery (white shell) at 9,875 yuan/mt, and waste automotive starter lead-acid battery (black shell) at 10,075 yuan/mt. Quotes in the recycling market diverged, with some traders raising prices to 9,450 yuan/mt to attract cargoes, squeezing profits, while others lowered prices to 9,250 yuan/mt, with recycling volume constrained. Affected by sluggish downstream consumption, relatively low retirements, weaker prices, and end-users holding back cargoes, recycling volume this week was half the normal level. After the Qingming Festival, the pace of smelter resumptions is expected to gradually accelerate, and demand for raw material procurement is likely to be released. In addition, with raw material inventories at some smelters still at low levels, this is expected to provide some support for scrap battery prices. Going forward, continued attention should be paid to lead price trends and developments in smelter production and maintenance. » Subscribe to View Historical SMM Metal Spot Prices

[Lead-Acid Battery Enterprise Dynamics] Recently, Camel Group stated on the interactive platform in response to investor inquiries that the company focuses on a dual-cycle strategy for lead-acid and lithium batteries, continuously improving its green and sustainable circular economy industry. Due to intensified industry competition and rising procurement costs for raw materials from scrap batteries, the company enhanced its overall efficiency by adjusting the production and sales pace, optimizing processes, and focusing on high-value-added products. In H1 2025, the company achieved a production of 245,000 mt of lead and lead products; it procured 3,262 mt of scrap lithium batteries and sold 1,424 mt of recycled materials.

[SMM Lead Morning Meeting Minutes: Weak Supply-Demand Fundamentals Expected to Keep Lead Prices Fluctuating Rangebound in the Short Term] PBOC: Focus on Supporting Key Areas Such as Domestic Demand Expansion, Technological Innovation, and Small and Medium-Sized Enterprises. As the Chinese New Year holiday approaches, upstream and downstream enterprises in the lead industry chain have begun taking holidays one after another. In particular, holidays at downstream enterprises are directly leading to weaker spot lead transactions...

[SMM Lead Morning Meeting Minutes: Pre-Holiday Market Trading Weakens, Lead Prices Expected to Remain in the Doldrums] The US House of Representatives passed a funding agreement negotiated by President Trump and Senate Democrats. Recently, the lead market has been increasingly influenced by the Chinese New Year atmosphere, with downstream lead-acid battery enterprises successively preparing to suspend operations for the holiday, leading to a decline in trading activity in the lead market...