SMM, September 24:
From September 18 to September 24, 2026, the weekly operating rate of secondary lead smelters across four provinces tracked by SMM stood at 40.3%, up 7.35 percentage points WoW. Lead prices fluctuated at highs, while downstream pre-holiday stockpiling demand was released, boosting smelters' willingness to produce. In addition, some large smelters resumed production after maintenance, driving the operating rate higher this week. Looking ahead to next week, the operating rate of secondary lead smelters is expected to remain basically flat with this week. During the National Day holiday week, some smelters plan to take holidays, with expectations for production cuts.
![Secondary lead finished product inventories see significant drawdown, pre-holiday stockpiling enters final stage [SMM Secondary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/XMxKT20251217171720.jpeg)
![Weekly Review of the Lead Concentrates Market (September 21, 2026 - September 24, 2026) [SMM Lead Concentrates Weekly Review]](https://imgqn.smm.cn/usercenter/guTSZ20251217171722.jpg)
