SMM Weekly Operating Rate of Secondary Lead Smelters (October 10–16, 2025) [SMM Lead Weekly Review]

SMM Oct. 17:

The operating rate of secondary lead smelters in four major provinces was 35.11% during Oct. 10-16, 2025, up 1.07 percentage points WoW. The operating rate in Anhui increased by 3.3 percentage points WoW, mainly driven by the formal production resumption of a large local secondary lead smelter. Smelters in Henan showed divergent production situations: some implemented production cuts due to limited scrap battery arrivals, but a large smelter reported moderate arrivals, with daily scrap battery consumption increasing by about 300 mt WoW. Overall, the operating rate in Henan edged down. The weekly operating rates in Jiangsu and Inner Mongolia changed relatively little. A large smelter in Inner Mongolia is expected to resume production by heating the furnace in mid-to-late October, with its impact on the regional operating rate remaining uncertain. Downstream lead-acid battery consumption was moderate, lead ingot purchasing as needed, and the lead price increase was not solid. Coupled with limited raw material supply, SMM expects the secondary lead operating rate to rise next week but the increase is likely limited.

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