In July, secondary refined lead production recorded 169,400 mt, down 12.75% MoM, marking the second-lowest level this year, with the extent of production cuts clearly exceeding earlier market expectations.

[SMM Primary Lead Production] It is understood that national primary lead output rebounded significantly in July 2026, rising 7.44 percentage points MoM and 11.03 percentage points compared to the same period last year. Cumulative primary lead output in January-July 2026 increased 5.41 percentage points YoY, mainly driven by production resumptions after maintenance at lead smelters in southwest China, northeast China, and east China.

[Secondary Lead Production Update] A secondary lead smelter in southwest China had average refined lead output in July, with relatively low recycling volume of scrap batteries. In August, there is a possibility of maintenance-related production suspension. If production continues, it will maintain a similar output level. The final production schedule will be adjusted according to the lead price market trend.

[Secondary Lead Production Update] A secondary lead smelter in east China stopped production in late July. The enterprise stated that there is no production resumption plan for August, and currently the volume of raw material purchases is low.

[Secondary Lead Production Update] A secondary lead smelter in east China suspended production in stages for half a month in July, resulting in limited output; it plans to resume lead production on August 20. The factory has ample inventories of raw materials and lead paste, with no finished lead inventory at present. All subsequent output will be used to fulfill long-term contracts.

[SMM Lead Morning Meeting Minutes: Market Supply and Demand Both Subdued Yet Inventory Buildup Risk Persists; Short-term Lead Prices Will Remain Under Pressure] The Political Bureau of the CPC Central Committee held a meeting, deciding to convene the Fifth Plenary Session of the 20th Central Committee, to analyze and study current economic situation and economic work. Recently, lead prices have continued to consolidate on a subdued note, with suppliers' hedging willingness strengthening and some lead ingots being gradually transferred to delivery warehouses...