It is understood that this week (18-24 September 2026), the combined operating rate of primary lead smelters in the three provinces was 65.42%, down 0.44 percentage points WoW.
This week, primary lead smelters in central China remained under maintenance, dragging the weekly operating rate slightly lower. Meanwhile, a large primary lead enterprise in north-west China plans to enter maintenance as needed. In addition, maintenance at medium and large primary lead smelters in central and south-west China is about to end, and they are expected to contribute lead production next week, at which point the weekly operating rate of primary lead enterprises will turn to an upward trend.

![Downstream stockpiling ahead of the holiday drives primary lead enterprise inventories to a more than 2-1/2-year low [SMM Primary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/riosq20251217171722.jpg)
![Secondary lead finished product inventories see significant drawdown, pre-holiday stockpiling enters final stage [SMM Secondary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/XMxKT20251217171720.jpeg)
