SMM September 19:
During September 12-18, 2025, the weekly operating rate of secondary lead smelters in four provinces was 23.74%, up 1.47 percentage points WoW. Since early August, the operating rate of secondary lead had declined for six consecutive weeks, weakening the demand for waste lead-acid batteries. Although the retirement situation in the market did not improve, the reduced competitive pressure became more favorable for operating smelters. This week, lead prices fluctuated upward, improving the production enthusiasm of secondary lead smelters. Coupled with relatively sufficient raw material inventory, individual smelters saw a slight increase in production. Currently, the loss margin of secondary lead has been significantly repaired. From late September to early October, production resumptions at secondary lead smelters are expected to be relatively concentrated. SMM expects the weekly operating rate of secondary lead to bottom out and rebound in the near term.
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