[Consumption Expectations Were Gradually Realized, Operating Rates of Galvanising Producers Continued to Increase]: This week, the operating rate of the galvanizing industry was 59.7, up 6.69 percentage points WoW. Raw material side, zinc prices pulled back sharply this week, galvanising enterprises actively fixed prices to stockpile, and zinc ingot inventory at galvanising enterprises increased significantly.

It was learned that the SMM weekly composite operating rate of lead-acid battery enterprises in five provinces was 73.92% from March 13 to March 19, 2026, up 0.46 percentage points WoW from the previous week. Recently, production at lead-acid battery enterprises remained relatively stable. Apart from slight production adjustments at a small number of enterprises, changes in production at other enterprises were relatively small. Over the past two years, as AI development accelerated, battery demand from data centers improved. In particular, lead-acid battery enterprises that secured tender orders had full order books, with production lines operating at full capacity. In addition, for civilian battery products, end-use consumption in the e-bike and automotive battery markets showed mediocre performance. Considering that from April to May is the traditional consumption off-season, some enterprises with average order intake only maintained operating rates at 70-80%, and needed to adjust production based on subsequent order conditions.

SMM, March 20: The SMM weekly operating rate of secondary lead across four provinces stood at 39.57% from March 13 to March 19, 2026, up 10.42 percentage points WoW. Production at enterprises in Anhui was relatively stable, while the resumption progress at other smelters was slow; raw material inventory among enterprises in Henan diverged, with mixed changes in operating rates; enterprises in Jiangsu, affected by losses, showed intentions to cut or suspend production; and a large secondary lead smelter in Inner Mongolia resumed production, driving a sharp increase in the operating rate this week. Next week, enterprises resuming production will continue to release capacity, and market attention should focus on whether loss-making enterprises will implement production suspensions in the secondary lead operating rate. 》Subscribe to View Historical SMM Metal Spot Prices

This week (March 12, 2026–March 18, 2026), the average operating rate of primary lead smelters in the three provinces was 62.59, up 1.52 percentage points WoW. This week, production at smelters in Henan fluctuated slightly but increased overall, while a mid-sized smelter in Hunan resumed production this week, contributing the main increase in output; in Yunnan, one smelter slightly raised production, while the resumption of operations at another smelter was delayed until late March. In addition, some small-scale smelters in Yunnan still had no expectations of resuming production due to raw materials, downstream orders, and other factors.

[SMM Brass Bar Flash] Affected by the sharp correction in copper prices, some terminal clients saw intensified wait-and-see sentiment, and the pace of order placement slowed somewhat, causing certain disruptions to new orders for brass billet. Overall, however, most large and medium-sized enterprises currently had sufficient orders on hand and were stepping up production to rush deliveries, driving the operating rate of the brass billet industry up 2.18 percentage points WoW to 54.13% this week (3.13-3.19).

This week (March 13–19), driven by a pullback in the center of copper prices, downstream procurement enthusiasm increased significantly, enamelled wire orders were released intensively, rebounding 24.97 percentage points WoW, while the industry's operating rate also rose by 3.8 percentage points to 88.93%.

According to the SMM survey, as of March 18, the blast furnace operating rate at the 242 steel mills tracked by SMM was 87.16%, up 1.17 percentage points WoW.

This Week (March 13–March 19), the Operating Rate of Machinery in the Enamelled Wire Industry Rebounded 3.8 Percentage Points WoW to.....

[Weekly Operating Rates in the Aluminum Processing Industry: China's Aluminum Processing Sector Sees Modest Growth Amid Peak Season Demand] This week, the weekly operating rate of leading downstream aluminum processing enterprises in China edged up 1 percentage point WoW to 62.9%.

According to SMM, supported by the pullback in copper prices, industry orders for enamelled wire improved, with the overall pace aligning with peak-season expectations. End-use demand recovered across the board, home appliance orders maintained peak-season performance, demand for power transformers remained steady, demand in the new energy sector gradually improved, and orders in traditional segments such as industrial motors and power tools also performed well. Against expectations of high production schedules among enterprises, the industry's operating rate is expected to continue rebounding to above 90%.