SMM April 10 News:
From April 3 to April 9, 2026, according to SMM statistics, the weekly operating rate of secondary lead in four provinces in China was 44.8%, up 0.58 percentage points WoW. In Anhui, some smelters saw operating rates rise after raw material restocking; in Henan and Jiangsu, raw material inventory declined, and some enterprises cut production; in Inner Mongolia, production was cut due to tight raw material supply and weak lead ingot sales. Next week, the tight raw material supply situation is unlikely to ease. Downstream off-season operations are weakening, and purchase willingness for lead ingots is insufficient, leaving the secondary lead operating rate facing downward pressure.
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![Weak Downstream Procurement Triggers Secondary Lead Inventory Buildup, Subsequent Slowdown Expected [SMM Secondary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/riosq20251217171722.jpg)
![SHFE Lead Opened Lower with a Gap and Remained in the Doldrums, LME Lead Struggled to Rise and Retreated after Rapid Rise [SMM Lead Morning Brief]](https://imgqn.smm.cn/usercenter/XMxKT20251217171720.jpeg)
