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

According to SMM estimates, the total production of antimony ingots (including antimony ingots, converted crude antimony, cathode antimony, etc.) in China in March 2026 is expected to increase by approximately 78% compared to the previous month, showing a rising trend.

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

SMM News, March 20: This week, secondary refined lead was mostly quoted at premiums of 0-75 yuan/mt against the SMM #1 lead average price, with some cargoes available for delivered premiums of 50 yuan/mt. Affected by falling lead prices, downstream wait-and-see sentiment, and relatively cautious procurement, suppliers showed weak willingness to sell, and overall market transactions were sluggish. This week, secondary lead smelters lowered scrap battery purchase prices, easing raw material cost pressure, and losses narrowed WoW; as of March 20, 2026, the theoretical comprehensive profit/loss for large-scale enterprises stood at -337 yuan/mt, versus -541 yuan/mt for small and medium-sized enterprises (the model's by-product revenue did not include tin and antimony). As smelters that resumed production continued to release capacity, ample supply weighed on lead prices. Combined with the wide range of cargo types available to downstream enterprises, spot order premiums for secondary refined lead are expected to narrow next week, while actual prices will still depend on changes in raw material costs. > Subscribe to View Historical SMM Metal Spot Prices

SMM News, March 13: This week, mainstream tax-inclusive ex-factory prices for secondary lead were at parity against the SMM #1 lead average price, with discounts of 50-100 yuan/mt in some areas; dragged down by scrap battery prices and weak downstream consumption, the industry remained loss-making, and most smelters held prices firm and were reluctant to sell. As of March 13, 2026, the theoretical comprehensive profit and loss for large-scale enterprises was -422 yuan/mt, and that for small and medium-sized enterprises was -633 yuan/mt (the model’s by-product revenue did not include tin or antimony). With delivery to be completed and rigid demand expected to recover next week, SMM expected discounts for secondary lead to narrow slightly. Overall, losses across China’s secondary lead industry remained unchanged and production resumptions were slow. Given the availability of primary lead and imported lead cargoes, premiums for spot orders of secondary refined lead were likely to maintain sideways movement, making substantial premiums difficult to emerge. > Subscribe to View Historical SMM Metal Spot Prices

SMM News, Mar 13: This week, the recycling volume of waste lead-acid battery recyclers rebounded significantly WoW, with the recycling volume of some recyclers rising 40% from the initial stage of work resumption. However, affected by downstream consumption not yet having fully recovered and a relatively low volume of retired scrap battery, some enterprises still saw recycling volume that had not returned to pre-holiday levels. As secondary lead smelters resumed work at a relatively slow pace and demand for scrap battery had not yet surged, SMM expected the purchase prices of waste lead-acid battery to stabilize next week. Domestic secondary crude lead smelters posted a poor operating rate, with some enterprises suspending production due to environmental protection-related controls. Suppliers held firm offers, and the current mainstream ex-factory prices excluding tax stood at 15,250-15,400 yuan/mt. If containing some antimony and tin metals, ex-factory offers were at least 15,500 yuan/mt. At present, imported lead supply was ample, and suppliers had relatively weak bargaining power, giving downstream enterprises near ports a greater advantage in purchases. SMM expected domestic secondary crude lead supply to remain tight in the short term, with imports serving as the main supplement. » Subscribe to View Historical SMM Metal Spot Prices