SMM, May 29:
From May 22 to May 28, 2026, SMM data showed that the weekly operating rate of secondary lead across four provinces in China was 27.62%, flat WoW. Production in Anhui ran smoothly, with a local smelter having completed furnace preheating and planning to resume production, with official feeding expected in early June, which is expected to boost subsequent operating rates. Henan's operating rate remained flat WoW. In Jiangsu, smelters under maintenance had not yet resumed operations. A small smelter in Inner Mongolia plans to resume production in half a month, with progress depending on market conditions and raw material availability. Overall, the operating rate next week is expected to remain basically stable, and close attention needs to be paid to changes in raw materials and lead prices going forward.
![Rising China Supply Combined with Ex-China Inventories at 13-Year High Limits Upside Momentum for Lead Prices [SMM Lead Market Weekly Forecast]](https://imgqn.smm.cn/usercenter/msNEk20251217171722.jpg)
![Intraday lead prices edged up before fluctuating and pulling back, eventually closing with a doji [Lead Futures Brief]](https://imgqn.smm.cn/usercenter/qnyHQ20251217171721.jpeg)
