In September, the operating rates of lead-acid battery manufacturers showed relative improvement, but export orders remained sluggish [SMM Weekly Lead-Acid Battery Operating Rate Review]

        According to SMM's weekly survey, the average operating rate of lead-acid battery manufacturers in five provinces stood at 72.15% during August 30-September 4, 2025, up 1.56 percentage points WoW.

The WoW increase in operating rates was mainly attributed to the completion of month-end inventory checks at some lead-acid battery plants, coupled with improved demand for new vehicle matching. For instance, the implementation of the new national standard for e-bikes boosted new orders for manufacturers with complete vehicle matching contracts, pushing their operating rates to near full capacity. However, replacement demand remained weak in markets such as e-bikes and automobiles, while substitution by lithium batteries and sodium-ion batteries intensified—affecting segments like electric three-wheelers and small household ESS batteries. Additionally, impending Middle East tariff sanctions further reduced lead-acid battery orders. Beyond the production cuts reflected in the weekly operating rate data, output also declined at plants in regions like Guangdong, with some manufacturers' operating rates falling below 50%.