It was learned that the SMM weekly comprehensive operating rate for lead-acid battery enterprises in five provinces was 47.04% from February 6 to February 12, 2026, down 18.79 percentage points WoW.
As the Chinese New Year holiday approached, more migrant workers returned to their hometowns. Most lead-acid battery enterprises had relatively concentrated holidays around the Little New Year in the north and south (February 10-11), which led to a further decline in the weekly operating rate of lead-acid battery enterprises this week, with the drop exceeding 18%. Next week, the Chinese market will fully enter the Chinese New Year holiday period, and lead-acid battery enterprises will all suspend production. At that time, the weekly operating rate for lead-acid batteries will drop to the lowest level of the year.
![Weekly Brief Review of the Lead Concentrate Market (February 23, 2026–February 27, 2026) [SMM Lead Concentrate Weekly Review]](https://imgqn.smm.cn/usercenter/hrxHx20251217171721.jpeg)
![Downstream enterprises primarily focused on digesting pre-holiday inventory after the holiday, with trading activity in the spot market remaining subdued. [SMM Weekly Review of the Refined Lead Spot Market]](https://imgqn.smm.cn/usercenter/lIHfM20251217171721.jpeg)
![SMM Weekly Operating Rate of Primary Lead Smelters (February 20, 2026–February 26, 2026) [SMM Weekly Review of Primary Lead Operating Rates]](https://imgqn.smm.cn/usercenter/msNEk20251217171722.jpg)
