SMM Analysis: Domestic Primary Lead Smelters Show Active Production in November, Raw Material Inventory Slightly Decreases
According to SMM's survey on the operating rate of producers and production schedule, despite several primary lead smelters mentioning a decline in production at the beginning of November, the new production lines in Qinghai brought significant increases in Q4. Additionally, with the rise in lead prices, smelters' enthusiasm for production surged, and some smelters slightly increased production in mid to late November. The survey on production schedules and maintenance by region is as follows...

![상하이 선물거래소 연, 상단 그림자 길게 남기며 0.03% 하락, 고점 횡보 국면 유지 [연 선물 단평]](https://imgqn.smm.cn/usercenter/xVgcv20251217171721.jpg)

