This week (May 15, 2026 – May 21, 2026), the average operating rate of primary lead smelters in the three provinces was 66.45%, up 1.45 percentage points WoW.
This week, smelter production in Yunnan remained stable, with the overall operating rate basically flat WoW. In Hunan, a mid-sized smelter completed short-term equipment maintenance, and production resumed to normal this week, leading to a slight rebound in the regional operating rate. In Henan, normal production fluctuations at a small smelter drove a marginal increase in the regional operating rate. Smelting production in other regions remained generally stable this week.
![SHFE Lead Moved Sideways Around Moving Average Intraday, Recording a Three-Day Winning Streak [Lead Futures Brief]](https://imgqn.smm.cn/usercenter/bAjSC20251217171721.jpg)
![Lead Prices Fell Then Rose During the Week, Secondary Lead Premiums Diverged [SMM Secondary Refined Lead Weekly Review]](https://imgqn.smm.cn/usercenter/EhsCj20251217171721.jpeg)
![Smelter Raw Material Inventory Pullback Combined with Lead Price Recovery Supports Scrap Battery Purchase Prices [SMM Scrap Battery Weekly Review]](https://imgqn.smm.cn/usercenter/qnyHQ20251217171721.jpeg)
