The average operating rate of primary lead smelters in three provinces this week (November 28, 2025 - December 4, 2025) was 65.92%, down 0.6 percentage points WoW. This week, a smelter in Henan completed maintenance on its crude lead unit, leading to a slight increase in primary lead production. Smelters in Hunan maintained stable operations, while a medium-to-large scale smelter in Yunnan continued production cuts due to ongoing maintenance, resulting in a slight decline in its operating rate. Additionally, a smelter in Hunan plans routine maintenance in mid-to-late December, though the specific maintenance schedule has not been finalized. Another smelter mentioned a potential major overhaul around the Chinese New Year, and SMM will continue to monitor the situation. In other regions, a smelter in east China that halted production for maintenance mid-last week saw a further decline in output this week, with operations expected to resume by the end of December.
