Lead-Acid Battery Enterprise Production Remains Stable with Some Increase, but Soaring Lead Prices May Counteract Production [SMM Lead-Acid Battery Weekly Operation Comment]

        It is understood that the SMM weekly comprehensive operating rate for lead-acid battery enterprises in five provinces was 75.35% from October 17 to October 23, 2025, up 0.38 percentage points WoW.

Lead-acid battery enterprises maintained stable production with a slight increase this week, and the weekly operating rate continued its modest upward trend. Currently, the ESS battery market shows the strongest consumption performance. Medium and large enterprises have full order books, with many operating at full capacity. The e-bike and automotive battery markets showed slight differences. Original equipment orders were better than replacement orders. Some enterprises may have slightly increased production due to inventory buildup expectations ahead of the peak season, helping maintain a relatively good operating rate for lead-acid battery enterprises recently. However, it is worth noting that the improvement in lead-acid battery replacement demand remains limited. Coupled with the sharp surge in lead prices, which raised production costs for lead-acid battery enterprises—especially higher export costs for batteries—this may negatively impact battery enterprise orders and production. Some enterprises have temporarily suspended lead ingot purchases, and short-term production adjustments cannot be ruled out.