SMM

[SMM Primary Lead Operating Rate Weekly Review] The average operating rate for primary lead smelters in three provinces this week (October 3, 2025 - October 9, 2025) was 68.47%, flat compared to the week of October 2, and increased slightly by 1.98% compared to the pre-holiday period on September 25. During the National Day holiday, a partial maintenance at an electrolytic lead smelter in Henan was restored as scheduled, leading to a slight increase in production. This week, smelters in Henan, Hunan, and Yunnan generally maintained stable operations, while a smelter in Hunan underwent maintenance on its crude lead unit, with electrolytic lead production expected to decline in October. Apart from the three provinces mentioned above, a smelter in North China maintained stable production after resuming from maintenance, and a smelter in East China, which is expected to undergo shutdown maintenance in Q4, recently slightly increased production to boost volume, with the specific maintenance timing yet to be determined.