SMM, August 14:
From August 7 to August 13, 2026, the SMM weekly operating rate for secondary lead across four provinces was 37.1%, up 9.7 percentage points WoW. Henan smelters maintained stable production; in Anhui, affected by production cuts caused by raw material shortages at enterprises, the operating rate fell 3.41 percentage points; in Jiangsu, a large smelter resumed production and ramped up, with the operating rate jumping 38.14 percentage points; in Inner Mongolia, enterprises completed equipment maintenance and resumed production, with the operating rate rising 19.55 percentage points. Looking ahead to next week, large enterprises in Inner Mongolia will continue to ramp up production, while production in other regions is expected to remain stable for now; the overall operating rate is expected to rise 4.76 percentage points. However, risks need to be monitored: if lead prices continue to weaken, smelter losses combined with raw material constraints may lead to new production cuts, and the operating rate may remain flat.
![Scrap Battery Turned to a Wait-and-See Stance After Gains, with Limited Downside Room for Prices Amid Tug-of-War Between Sellers and Buyers [SMM Scrap Battery Weekly Review]](https://imgqn.smm.cn/usercenter/msNEk20251217171722.jpg)
![Secondary Refined Lead Premiums Widen First Then Narrow, Loss Recovery Constrained by Raw Material Side[SMM Secondary Refined Lead Weekly Review]](https://imgqn.smm.cn/usercenter/ojSqv20251217171720.jpeg)
