Secondary refined lead market turns increasingly bullish; smelter losses significantly repaired

Sentiment in the secondary refined lead market is turning bullish. Most smelters, having been loss-making for a long time, actively support lead price increases.

Key Facts

Sentiment in the recycled refined lead market is warming. Most smelters, suffering prolonged losses, actively support higher lead prices. Downstream buyers acknowledge the price-rise expectation but still hold earlier inventories, showing a weak willingness to chase spot prices and purchasing only small volumes on a need-to-order basis. Quotes in the market diverge widely.

Market Changes

Today, SMM's average secondary refined lead price stands at 15,500 yuan per tonne, up 275 yuan per tonne from yesterday. Losses at secondary lead smelters have visibly narrowed, with the latest comprehensive profit/loss for large-scale secondary lead enterprises at -361 yuan per tonne.