SMM Weekly Review of Primary Lead Operating Rates (Nov21-27, 2025)

Published: Nov 28, 2025 17:30

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The average operating rate of primary lead smelters in three provinces this week (November 21, 2025 - November 27, 2025) was 65.32%, down 2.38 percentage points WoW.

The average operating rate of primary lead smelters in three provinces this week (November 21, 2025 - November 27, 2025) was 65.32%, down 2.38 percentage points WoW. Smelter production in Henan and Hunan remained stable this week, while maintenance and production cuts at a medium-to-large scale smelter in Yunnan were the main contributors to the supply reduction. Additionally, a smelter in Hunan plans routine maintenance in mid-to-late December, but the specific maintenance plan has not yet been finalized; SMM will continue to monitor the situation. In other regions, a smelter in east China that had undergone maintenance and production cuts resumed production last week and maintained normal operations this week, while another smelter suspended production for maintenance mid-week and is expected to resume by the end of December.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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