SMM, February 28:
From February 22 to February 28, 2025, the weekly operating rate of secondary lead in four provinces monitored by SMM was 51.97%, an increase of 4.82 percentage points WoW. In Anhui, the operating rate increased by 6.6 percentage points this week due to production expansion by certain enterprises. In Henan and Jiangsu, the production of some smelters increased slightly, resulting in relatively small changes in the overall operating rates in these regions. In Inner Mongolia, the operating rate increased by 10.29 percentage points this week, driven by the resumption of production at large secondary lead smelters and the ramp-up of medium-sized smelters after recovery.
![LME lead narrows losses & SHFE lead holds lower bound in night session, lead prices consolidate on a weak note [SMM Lead Morning Update]](https://imgqn.smm.cn/usercenter/ojSqv20251217171720.jpeg)
![Downstream stockpiling on dips begins; lead prices consolidate at low levels on a weak note [SMM Lead Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/XMxKT20251217171720.jpeg)

