SMM September 12:
During September 5-11, 2025, the weekly operating rate of secondary lead producers in four provinces was 22.27%, down 4.56 percentage points WoW. This significant decline was mainly attributed to loss pressure and routine maintenance, leading to shutdowns at several large smelters. The operating rates in Anhui and Inner Mongolia saw particularly notable decreases this week, with Anhui's rate dropping by over 5 percentage points to 5.28%, and Inner Mongolia's rate falling by more than 20 percentage points to 4.8%. The weekly operating rates in Henan and Jiangsu changed relatively little WoW.
Some downstream enterprises indicated an expected increase in operating rates this week, suggesting that end-use consumption of lead may have improved compared to August. If the procurement demand from lead-acid battery producers indeed increases, it could positively impact the production plans of secondary lead enterprises and market supply. Therefore, subsequent attention should be paid to changes in lead ingot procurement demand from lead-acid battery producers and their potential effects on the operating rates of secondary lead enterprises and market supply.
》Order to View Historical Prices of SMM Metal Spot Cargo
