Refinery Resumed Operations, China's Lead Production Up YoY in March

The National Bureau of Statistics (NBS) released a report showing that China's lead production in March 2025 reached 737,000 mt, up 2.4% YoY. In terms of primary lead, except for a few smelters in Yunnan and Henan that faced equipment maintenance issues, most other smelters resumed production after maintenance. Additionally, smelters in Hunan restarted production after completing equipment upgrades, leading to an increase in primary lead production. In March, secondary lead smelters saw improved profitability, with smelters showing high production enthusiasm during the month. The commissioning of new capacity, along with the resumption and ramp-up of production at medium and large smelters, contributed to a rebound in secondary lead production. Entering April, SMM noted that primary lead smelters are experiencing both maintenance and resumption of operations, while secondary lead smelters still have plans to increase production with new capacity.