SMM February 27:
The weekly operating rate of secondary lead in four provinces was 29.73% from February 20 to February 26, 2026, up 1.07 percentage points WoW. Due to losses from market conditions, secondary refined lead smelters in Anhui showed low enthusiasm for production, and the progress of production resumptions remained slow. In Henan and Inner Mongolia, production cuts occurred during the Chinese New Year holiday and had not yet recovered, keeping the operating rate flat WoW. Although production cuts occurred in Jiangsu during the Chinese New Year holiday, operations gradually resumed this week, with the operating rate increasing by 7.71 percentage points. Entering next week, some secondary lead smelters will start production for furnace drying, but lead output will concentrate in late March. SMM expects the operating rate to remain stable next week.
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