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![[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)
[SMM Analysis: Undersupply of Raw Materials and Maintenance Lead to November Primary Lead Production Falling Short of Expectations]
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/imagesMbRgE2025010104.jpeg)
![[SMM Analysis]The national NPI metal content decreased 14.14% MoM in November, and is projected to decline 9.93% MoM in December](https://imgqn.smm.cn/news/xWlTD20220406172143.jpg)
In November, the national NPI metal content decreased by 14.14% MoM, and it is projected to decrease by 9.93% MoM in December [SMM Analysis].
[SMM Analysis: National NPI Metal Content in November Dropped 14.14% MoM, Expected to Fall 9.93% MoM in December] In November 2025, national NPI production in physical terms decreased 7.34% month-on-month, while metal content declined 14.14% MoM.
Nov 28, 2025 23:40
Zinc/Lead Market Weekly Updates - 2025/11/28
The SMM Imported Zinc Concentrate Index for this week is $61.25/dmt, with a 11.8% WoW decrease. Zinc concentrate imported TC dropped significantly comparing with its previous level of over $110/dmt in October. Smelter's inventory levels dropped but they still have solid demand due to the need to prepare for their winter inventory. While competition for domestic material is getting intensified they switch to imported material as well, which lead to the recent drop.
The SMM Imported Lead Concentrate average spot TC for this week is $-135/dmt, unchanged WoW. Spot market remains severely tight with little signal for improvement.
Nov 28, 2025 21:38
[SMM Analysis: Undersupply of Raw Materials and Maintenance Lead to November Primary Lead Production Falling Short of Expectations]
[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 28, 2025 21:08
November Secondary Lead Production Increased Significantly What Is the Expected Trend for December Production?【SMM Analysis】
Secondary lead production in November 2025 increased significantly, up 7.78% MoM and 16.83% YoY; secondary refined lead production rose 8.5% MoM and 10.13% YoY.
Nov 28, 2025 21:04
Rising expectations for US Fed interest rate cuts and declining inventory boost silver prices: Why did silver supply decrease again in November?
In November, domestic silver ingot inventories continued the destocking trend, driven by export profits, constraints in raw material supply, and regional maintenance, among other factors. Currently, the silver market is in a phase where macro tailwinds and fundamental support resonate. Against the backdrop of strengthening expectations for US Fed interest rate cuts, low spot inventories, and steady industrial demand, the strong momentum in silver prices is expected to continue. Market participants should remain vigilant in monitoring changes in US Fed monetary policy, inventory changes, and the actual performance of end-use demand such as PV.
Nov 28, 2025 20:41
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