SMM Secondary Lead Smelter Weekly Operating Rate (2026.9.11-2026.9.17) [SMM Lead Weekly Review]

SMM, September 18:

From September 11 to September 17, 2026, the weekly operating rate of secondary lead smelters across four provinces tracked by SMM stood at 32.9%, down 6.55 percentage points WoW. By region, Anhui's operating rate was flat; Henan saw a slight uptick in operating rate, supported by improved raw material arrivals. A large smelter in Inner Mongolia has been shut down since mid-last week, with no output this week, causing the regional operating rate to plunge 34.09 percentage points. Jiangsu smelters saw production decline due to equipment disruptions, with the operating rate down 13.4 percentage points. Looking ahead to next week, the overall operating level is expected to remain basically flat versus this week. Currently, procurement costs for compliant scrap battery cargoes remain elevated, persistently weighing on smelters' raw material purchase willingness; if lead prices decline, combined with high raw material costs, the market faces the risk of additional production cuts or shutdowns.