This week (May 1, 2026 - May 7, 2026), the average operating rate of primary lead smelters in three provinces was 65.88%, up 1.26 percentage points WoW. This week, two small and medium-sized lead smelters in Hunan and Yunnan completed maintenance and resumed production, with regional lead smelting output increasing slightly; Henan smelters maintained stable production, with the overall operating rate basically flat WoW; other regions, some small and medium-sized smelters in east China recovered after maintenance, and production rebounded.
![Rising China Supply Combined with Ex-China Inventories at 13-Year High Limits Upside Momentum for Lead Prices [SMM Lead Market Weekly Forecast]](https://imgqn.smm.cn/usercenter/msNEk20251217171722.jpg)
![Intraday lead prices edged up before fluctuating and pulling back, eventually closing with a doji [Lead Futures Brief]](https://imgqn.smm.cn/usercenter/qnyHQ20251217171721.jpeg)
