According to SMM, the weekly combined operating rate of lead-acid battery enterprises across five provinces was 63.96% during July 3-9, 2026, down 0.14 percentage points WoW.
Recently, China's e-bike and automotive battery markets remained in the traditional off-season, and in June, dealers had stockpiled extensively at low prices, leaving current battery inventory levels elevated. Since July, many lead-acid battery enterprises reported sluggish orders, and some began cutting production in early July, dragging down the operating rate this week. Meanwhile, as the lead SHFE/LME price ratio narrowed, the cost advantages of domestic auxiliary materials such as tin, antimony, and sulphuric acid improved. Some enterprises indicated that export orders improved relatively, and they modestly increased production, thus limiting the decline in the operating rate this week.
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