Weekly Operating Rate of SMM Primary Lead Smelters (July 25, 2025 - July 31, 2025) [SMM Weekly Review of Primary Lead Smelting Operating Rates]

This week (July 25, 2025 - July 31, 2025), the operating rate of primary lead in the three provinces increased by 0.53 percentage points WoW to 63.9%. The operating rate in Henan province increased MoM this week, while it slightly declined in Yunnan and Hunan provinces. A medium-to-large-scale smelter in Henan province gradually stabilized its production and slightly increased output, alleviating the tight spot supply situation in the region. A small-to-medium-scale smelter in Hunan province halved its production this week due to routine maintenance, while a small-to-medium-scale smelter in Yunnan province slightly increased its operating rate after marginal production expansion. Another small-scale smelter in Yunnan province reduced its operating rate due to maintenance shutdowns. Outside the sample of the three provinces, a smelter in north China that underwent routine maintenance resumed operations as scheduled, and another smelter is expected to undergo routine maintenance at the end of August. A smelter in central China is expected to conduct routine maintenance on crude lead production at the end of Q3, but there are currently no adjustment expectations for primary lead production. Another smelter in east China may implement a longer-term maintenance plan in Q4.