SMM

The average operating rate of primary lead smelters in three provinces this week (November 21, 2025 - November 27, 2025) was 65.32%, down 2.38 percentage points WoW. Smelter production in Henan and Hunan remained stable this week, while maintenance and production cuts at a medium-to-large scale smelter in Yunnan were the main contributors to the supply reduction. Additionally, a smelter in Hunan plans routine maintenance in mid-to-late December, but the specific maintenance plan has not yet been finalized; SMM will continue to monitor the situation. In other regions, a smelter in east China that had undergone maintenance and production cuts resumed production last week and maintained normal operations this week, while another smelter suspended production for maintenance mid-week and is expected to resume by the end of December.