According to new SMM sample, the average operating rate of lead concentrate producers stood at 45.7% in March, up 3.4 percentage points from the previous month but down 3.4 percentage points YoY.
According to the old sample, the average operating rate stood at 34.4%, up 4.4 percentage points MoM but down 1.5 percentage points YoY.
According to SMM survey, a large number of lead-zinc mines resumed production from March to April. Many mines that restarted mining operations earlier have already completed preparations for the resumption of beneficiation plants, and some mines are still expected to increase production in April.
The impact from the Two Sessions and safety inspections hampered the output recovery at some mines in Guangdong and Fujian. In contrast, medium and large-scale mines in Inner Mongolia, Hunan, Guangxi and other places brought about a major increase in lead concentrate output.
Entering April, SMM expects that after the expected growth of lead concentrate production in April, the source of raw material procurement for smelters may increase.
![Some Secondary Lead Smelters Resumed Production This Week, Weekly Production Up Slightly WoW [SMM Lead Morning Brief]](https://imgqn.smm.cn/usercenter/hrxHx20251217171721.jpeg)
