[Secondary Lead Market Update] Today, the mainstream transaction prices for secondary refined lead on an ex-factory, tax-exclusive basis were 15,350 yuan/mt, while downstream buyers found the ex-factory price of 15,400 yuan/mt difficult to accept.

In the spot market, this week (March 22, 2026-March 26, 2026), downstream battery enterprises gradually purchased and stockpiled to maintain normal operating rates. This week, mainstream transaction prices for primary lead in Henan were quoted at slight premiums to the SMM #1 lead average price, while supply in Hunan and Guangdong was relatively tight, with smelters and suppliers quoting premiums of 30-50 yuan/mt over SMM #1 lead, and transactions were concluded on rigid demand. This week, as secondary refined lead prices remained firm and the market sentiment of holding back sales and wait-and-see did not ease, downstream rigid-demand procurement was taken over by primary lead, and spot inquiries and transactions in the primary lead market were relatively active this week.

[SMM Analysis] New National Standard for Secondary Lead and Inclusion in Delivery on the Agenda, Market to Shift to "Primary + Secondary Dual-Track Pricing" SMM February 27: Starting March 1, 2026, the "Secondary Lead Ingot GB/T 21181-2025" (hereinafter referred to as the "new national standard") will replace the "Secondary Lead and Lead Alloy Ingot GB/T 21181-2017" (hereinafter referred to as the "old national standard") and officially come into effect.

[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...

[SMM Lead Morning Meeting Minutes: Lead Ingot Inventory Buildup and Losses Compete, Lead Prices Expected to Be in the Doldrums] The U.S. government shutdown has caused key data to be "delayed" again, with the Tuesday December JOLTS job openings report and Friday's non-farm payroll report rescheduled for release. Currently, there are less than two weeks until the Chinese New Year holiday, overall demand in the lead-acid battery market is weak, and dealers have successively completed pre-holiday stockpiling...

SMM November 26 news: Today, the SMM #1 lead average price was flat from the previous day at 17,000 yuan/mt. Suppliers of secondary refined lead showed moderate willingness to sell, with limited quoted volumes. Mainstream spot order quotations including tax were at premiums of -50~0 yuan/mt against the SMM #1 lead average price, while ex-factory quotations for non-tax refined lead were 15,800-15,850 yuan/mt. Downstream battery producers mainly made just-in-time procurement, favoring the primary lead market due to firm secondary refined lead prices. Today, the procurement sentiment for secondary refined lead was 2.02, while the selling sentiment was 0.7. (Historical data can be queried by logging into the database.)

SMM June 6: After the holiday, supply in the scrap battery market showed no signs of easing. Scrap battery generation remained relatively small, with scarce supply dampening recyclers' purchase enthusiasm. Smelters received tight arrivals but generally lacked the ability to raise purchase offers due to huge losses. This week, the mainstream tax-exclusive e-bike lead-acid battery scrap price held at 9,900 yuan/mt, with some smelters considering price hikes amid urgent raw material shortages. Secondary crude lead smelters had limited supply, but lead alloy smelters' purchase demand remained relatively small due to weak orders. This week's enterprise offers showed secondary crude lead prices remained stable and gradually widened the gap with secondary refined lead prices, easing the inverted spread. 》Subscribe to view SMM metal spot historical prices

[SMM Lead Midday Review: Secondary Refined Lead Prices Still Inverted Relative to Primary Lead, Downstream Players Adopt Wait-and-See Approach, Cautious in Purchasing, with Limited Purchases] SMM reported on June 3: Today, the SMM 1# lead average price dropped by 25 yuan/mt from the level before the holiday to 16,375 yuan/mt. Secondary lead smelters showed low willingness to sell, with fewer quotes that were relatively firm. The price difference between primary metal and scrap was -75 yuan/mt, with secondary refined lead prices still inverted relative to primary lead.

[SMM Flash News] Secondary refined lead suppliers mainly quoted ex-factory prices on par with the SMM 1# lead average price, with few sources of discounted goods and most suppliers choosing not to sell. The price difference between primary metal and scrap narrowed to 25 yuan/mt. The purchase willingness of downstream enterprises for spot orders slightly improved, but due to the firm prices of secondary refined lead, they still preferred to purchase primary lead. Today, refined lead transactions were average.

[SMM Morning Lead Meeting Summary: Weak End-Use Consumption, Low Trading Activity in Spot Lead Ingot Market] Production at primary lead smelters has seen both increases and decreases, with relatively small changes in supply. Meanwhile, the spread between futures and spot prices of lead has widened, leading to an increased willingness among suppliers to transfer to delivery warehouses. Attention should be paid to changes in social inventory of lead ingots next week, with spot transactions expected to remain at a discount.