SMM Oct 24:
During Oct 17-23, 2025, the weekly operating rate for secondary lead in four provinces was 42.21%, up 7.10 percentage points WoW. An individual smelter in Anhui raised production, resulting in a weekly operating rate increase of 1.32 percentage points WoW. The weekly operating rates in Jiangsu and Henan remained stable, while the rate in Inner Mongolia surged 56 percentage points WoW due to production resumptions at a major local smelter. Lead prices fluctuated at highs this week, smelting profits improved, boosting production enthusiasm among secondary lead smelters. SMM expects the secondary lead operating rate to rise further next week.
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