This week (December 5, 2025 - December 11, 2025), the average operating rate of primary lead smelters in three provinces was 65.52%, down 0.4 percentage points WoW. This week, operating rates in Henan remained stable. In Hunan, a smelter experienced a slight decline in primary lead production due to maintenance on crude lead. In Yunnan, a medium-to-large scale smelter resumed production after completing maintenance, leading to a slight output increase. Smelters in other regions maintained normal operations. The smelter in east China that was previously shut down for maintenance has not yet resumed operations and is expected to restart by month-end December.
![The most-traded SHFE lead 2604 contract fell 0.54% and closed lower, with weak downstream consumption weighing on the short-term lead price trend [Lead Futures Brief Commentary]](https://imgqn.smm.cn/usercenter/msNEk20251217171722.jpg)
![Slow Social Inventory Drawdown; Lead Prices Remained in the Doldrums [SMM Lead Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/xVgcv20251217171721.jpg)
