Off-Season and Export Setbacks Drove Down Lead-Acid Battery Enterprise Operating Rates [SMM Lead-Acid Battery Weekly Operating Rate Comment]

According to SMM research, from April 17 to April 23, 2026, the weekly comprehensive operating rate of lead-acid battery enterprises across five provinces surveyed by SMM was 68.59%, down 1.07 percentage points WoW.

The off-season trend in the lead-acid battery market intensified. Particularly in mid-to-late April, end-use consumption in the e-bike lead-acid battery market declined further. Orders at some medium and large enterprises fell, finished product inventories accumulated, and production line operating rates were cut to varying levels of 50-70%, dragging down the weekly operating rate of lead-acid batteries. In addition, the current SHFE/LME price ratio remained unfavorable for lead-acid battery exports. Coupled with the impact of Middle East conflicts and tariffs, lead-acid battery exports in March saw a rare decline from February (in previous years, battery exports were at annual lows in January-February due to the Chinese New Year holiday, while March typically saw a recovery in post-holiday orders and shipments, with battery exports rising in the vast majority of cases). Orders at export-oriented enterprises remained sluggish from March to April.