SHANGHAI, Nov 22 (SMM) – Operating rates across licensed smelters of secondary lead in Jiangsu, Anhui and Henan provinces averaged 52.2% in the week ended November 22, down 1.4 percentage points from the previous week, according to SMM survey.
Anhui Huaxin smelter failed to recover this week, lowering the average operating rate in Anhui by 3.4 percentage points on the week to 36%.
The rates in Jiangsu and Henan remained unchanged from a week ago at 74.7% and 47.4%, respectively.
SHFE lead prices continued their slide this week and hit the lowest in two and a half years, at 15,390 yuan/mt. Battery scrap traders withheld from selling as squeezed margins drove them to the verge of losses. This made it difficult for secondary lead smelters to secure cheap battery scrap as feedstock.
Frequent occurrence of smog alerts depressed production at secondary lead smelters, and this supported prices of secondary lead, narrowing the discounts of secondary refined lead. More cargoes of secondary refined lead were offered in premiums.
![[Analyse SMM] Quantité, prix, source, port de destination : analyse des importations et exportations indonésiennes de soufre et d’acide sulfurique au premier semestre 2026](https://imgqn.smm.cn/usercenter/qbMSp20251217171722.jpeg)
![Le cours du plomb au LME a progressé et a touché un plus haut de près de deux semaines [Rapport matinal de SMM sur le plomb]](https://imgqn.smm.cn/usercenter/yqTpQ20251217171721.jpeg)
