SMM6, 13 March:
In May, the central environmental inspection was gradually strengthened, the production of recycled lead refineries was generally restricted, and most of the small "three noes" refineries in various localities have ceased production, and the output of some licensed refineries has also been affected. In June, the environmental protection situation in various places continues to be grim, or difficult to alleviate in the short term. it is expected that the production of recycled lead will remain at a low level in June, and the operating rate may be flat.

![Overnight SHFE and LME strengthened in tandem, SHFE lead 2611 contract closed up 0.74% [SMM Lead Morning Update]](https://imgqn.smm.cn/usercenter/EhsCj20251217171721.jpeg)
![SHFE lead remains strong & spot cargo supply is tight, lead prices consolidate on a strong note [SMM Lead Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/rDPju20251217171722.jpg)
