SHANGHAI, May 9 (SMM) – Operating rates across primary lead smelters in Henan, Hunan and Yunnan provinces averaged 53.4% in the week ended May 8, down 1.1 percentage point from the previous week, showed an SMM survey.
The replacement of outdated production lines at Henan Yuguang led to a decline of 2.1 percentage points in the average operating rates across Henan smelters this week. Production at the smelter will edge lower in May. Chifengshan Gold, Silver & Lead commenced maintenance this week, and this also affected its output.
Other primary smelters maintained stable operations this week. The respective operating rates for Yunnan and Hunan held unchanged on the week at 38% and 45.6%, respectively.
![Macro Weakness and Divergent Domestic and Overseas Fundamentals: LME Lead Prices Expected to Continue Outperforming SHFE [SMM Weekly Lead Market Forecast]](https://imgqn.smm.cn/usercenter/TmYox20251217171721.jpeg)
![Lead Prices Fluctuated Downward During the Week, Downstream Cautious Amid Fear of Price Decline, Purchase Willingness Low [SMM Refined Lead Spot Market Weekly Review]](https://imgqn.smm.cn/usercenter/lIHfM20251217171721.jpeg)
![SMM Primary Lead Smelter Weekly Operating Rate (May 29, 2026 - June 4, 2026) [SMM Primary Lead Smelting Operating Rate Weekly Review]](https://imgqn.smm.cn/usercenter/mfCMp20251217171721.jpeg)