SMM November 28:
During the period from November 21 to November 27, 2025, the weekly operating rate for secondary lead smelters in four provinces monitored by SMM was 48.51%, down 2.01 percentage points WoW. A secondary lead smelter in Anhui halted production due to the expiration and renewal of its hazardous waste operation license, with the shutdown expected to last two months, leading to a weekly regional operating rate decline of over 8 percentage points. A small-to-medium-sized smelter in Henan, which had suspended operations last week, resumed production, and its output was basically stable this week, contributing to a 4.6 percentage point increase in the regional operating rate. Production conditions at smelters in Jiangsu and Inner Mongolia saw relatively small changes. Currently, waste lead-acid battery recyclers showed moderate willingness to sell, and raw material supply for smelters remained stable. Barring unexpected factors such as environmental protection-related controls, production changes at secondary lead smelters are expected to be relatively small next week.
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