This week (March 06, 2026–March 12, 2026), the average operating rate of primary lead smelters in three provinces was 56.97, up 4.11 percentage points WoW from the previous week after the Spring Festival.
This week, smelters in Henan maintained stable production. In Hunan, the smelter that resumed operations at the end of last week’s maintenance raised output as scheduled this week, while some smelters in the region had yet to fully recover and are expected to return to normal production next week; in Yunnan, smelters only slightly increased output this week after resuming production, and some small-scale smelters had yet to resume production.
![Secondary Lead Prices Inverted Against Primary Lead Prices, Lead Market Fluctuated Amid a Tug-of-War Between Sellers and Buyers [SMM Lead Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/xVUpr20251217171722.jpg)
![LME lead fluctuated upward to close higher, while SHFE lead moved downwards after a higher opening and remained in the doldrums [SMM Lead Morning Brief]](https://imgqn.smm.cn/usercenter/mIbTL20251217171721.jpg)

