This week (May 22–28, 2026), the average operating rate of primary lead smelters across the three provinces was 62.98%, down 3.47 percentage points WoW.
A large smelter in Henan recently commenced equipment maintenance, which weighed on the regional operating rate. The maintenance is expected to be completed by month-end, and the smelter will resume normal production next week, at which point the regional operating rate will rebound accordingly. A small-to-medium-sized smelter in Hunan entered a maintenance phase this week and plans to resume production in late July, causing the local operating rate to edge down. Smelters in other regions of China maintained stable production with no shutdowns or suspensions, and operating rates remained flat WoW.
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![Intraday lead prices edged up before fluctuating and pulling back, eventually closing with a doji [Lead Futures Brief]](https://imgqn.smm.cn/usercenter/qnyHQ20251217171721.jpeg)
