In May 2025, secondary crude lead and refined lead production plummeted due to weak demand and tight scrap supply. Despite potential June recovery, raw material constraints and market slumps may lead to further production halts or delays.

[SMM Analysis: How is the Expected Production of Primary Lead in June Affected by Tightened Raw Material Supply and Overhauls?] SMM May 30 Report: In May 2025, the national production of primary lead showed a slight upward trend, increasing by 2.39 percentage points MoM and 14.66 percentage points YoY. The cumulative production of primary lead from January to May 2025 increased by 8.41 percentage points YoY.

[SMM Analysis: How is the Expected Production of Primary Lead in June Affected by Tightened Raw Material Supply and Overhauls?] It is understood that in May, primary lead smelters resumed production in a relatively concentrated manner after completing overhauls in April, with smelters in Central China, South China, Southwest China, and other regions all experiencing certain increases in production...