SMM July 31:
During July 24-30, 2026, the SMM weekly operating rate of secondary lead across four provinces was 28.6%, down 0.9 ppt WoW. In Jiangsu, smelters that resumed production operated at low rates, while smelters in Inner Mongolia remained suspended; Henan smelters' operations were dragged down by losses and raw material shortages, with some halting production; some Anhui enterprises ramped up production after replenishing raw materials, leading to a rebound in the regional operating rate. Next week, some Anhui smelters plan to halt production. Continued tracking is needed for raw material arrivals in Henan and Jiangsu and the impact of lead prices on smelters’ production decisions.
![Lead Prices in the Doldrums amid Limited Decline in Raw Materials, Loss-making Range of Smelters Widens [SMM Secondary Refined Lead Weekly Review]](https://imgqn.smm.cn/usercenter/mIbTL20251217171721.jpg)
![Multiple Factors Fuel Inventory Growth, Expectations for Production Cuts Restrain Secondary Lead Inventory Buildup Speed [SMM Secondary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/yqTpQ20251217171721.jpeg)
