[SMM survey] Operating rate of independent pellet plants continued to increase in May, with growth expected to narrow in June

According to the SMM survey, in May 2025, the operating rate of 33 domestic sample independent pellet plants was 58.94%, up 1.4 percentage points MoM from April and up 3.2 percentage points YoY. Regions with relatively significant increases in operating rates this month included Anhui, Inner Mongolia, and Sichuan. Regions with relatively large declines in operating rates included Jilin, Hebei, Shandong, and other areas.

For specific reasons, please refer to the chart below:

Data source: SMM
 

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