Northwest China Lead Smelter Resumes Battery Purchases, Aims August 1 Production Start

NBS data shows that China's sulphuric acid (100% equivalent) production in August was 7.984 million mt, down 308,000 mt from 7.676 million mt in July, a YoY decline of 15.5%. The cumulative production of sulphuric acid (100% equivalent) in 2026 was 68.141 million mt, a cumulative YoY decline of 4.6%.

[Lead Concentrate Imports Pull Back in August, Limited Recovery Expected in September] According to the latest customs data, China imported 87,000 mt in physical content of lead concentrates in August 2026, down 28,200 mt in physical content or 24.44% MoM and down 35.35% YoY. Cumulative lead concentrate imports from January to August totaled 906,300 mt in physical content, down 2.3% YoY.

Since 10 July, SMM Chinese sulfuric acid price index from Copper smelters has declined for 11 consecutive weeks on a weekly basis. This weekend, sulphuric acid prices were further reduced in some regions, with the ex-works price of 98% smelting acid falling below 1,000 yuan/mt. However, demand from the fertiliser industry has yet to show any clear improvement, and there are no signs that exports of sulphuric acid and phosphate fertiliser can be restarted, leaving the market dominated by a strong wait-and-see sentiment.