[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.
[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.