SMM October 31:
The SMM weekly operating rate for secondary lead in four provinces was 43.42% from October 24 to October 30, 2025, up 1.21 percentage points WoW. Production resumed at individual smelters in Anhui, leading to a slight increase in the operating rate this week. Another large smelter is expected to resume production next week, and the weekly operating rate is projected to increase by 5.94 percentage points WoW. Raw material arrivals improved at a smelter in Henan this week, resulting in higher production; the weekly operating rates in Jiangsu and Inner Mongolia remained stable. The supply of scrap batteries in the market was moderate, coupled with fluctuating lead prices, which kept smelting profits stable for secondary lead smelters. With additional smelters set to resume production next week, the operating rate for secondary lead is expected to maintain an upward trend.
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