













![[SMM Analysis: Undersupply of Raw Materials and Maintenance Lead to November Primary Lead Production Falling Short of Expectations]](https://imgqn.smm.cn/production/admin/news/en/pic/CLqbF20251128210952.png?imageView2/1/w/176/h/135/q/100)
Nov 28, 2025 21:08
[SMM Analysis: Undersupply of Raw Materials and Maintenance Lead to November Primary Lead Production Falling Short of Expectations] SMM November 28: China's primary lead production saw a slight increase in November 2025, up 0.49 percentage points MoM but down 1.61 percentage points YoY. Cumulative primary lead production from January to November 2025 rose 7.06 percentage points YoY.
![[Nov SMM Survey on Operating Rate of Steel Mills Using Externally Purchased Billets] Slightly Improved Operating Margin; Operating Rate Rose 3.49% MoM](/static/images/hot/imagesMbRgE2025010115.jpg)
Nov 28, 2025 13:15
[SMM Survey on Operating Rate of Steel Mills Using Externally Purchased Billets] According to the SMM survey, as of November 28, the operating rate of steel mills using externally purchased billets, primarily producing construction materials, was 20.42%, up 3.49 percentage points MoM from October, but down 5.79 percentage points YoY.










