SMM September 5:
During August 29-September 4, 2025, the weekly operating rate of secondary lead smelters in four provinces was 26.83%, down 8.5 percentage points WoW. The number of suspended smelters in Anhui increased, dragging down the regional operating rate by over 15 percentage points. As some smelters halted production last night, the operating rate in Anhui is expected to drop further next week, with SMM projecting it may fall below 10%. The weekly operating rates in Henan and Jiangsu edged down slightly. A major secondary lead smelter in Inner Mongolia suspended production during the week, causing the regional operating rate to decline by approximately 7 percentage points, which may drop below 5% next week. Smelters' production enthusiasm was mainly dampened by smelting losses, while the weak lead consumption in early September failed to boost market confidence.
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