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.

By late March, the consumption driven by dealers' customary post-holiday restocking in the lead-acid battery market had been largely released. Meanwhile, end-use consumption in the e-bike and automotive battery markets was generally mediocre, especially as the impact of the new national standard for e-bikes disrupted supporting orders for new vehicles, and some lead-acid battery enterprises only maintained production based on sales. Lead prices fell this week. In the initial stage, downstream enterprises restocked at lower prices based on demand, but after lead prices fell again in the second half of the week, some enterprises became more cautious in procuring raw lead materials.

It was learned that the weekly composite operating rate of lead-acid battery enterprises across five provinces tracked by SMM stood at 73.45% from March 6 to March 12, 2026, up 1.78 percentage points WoW from the previous week. In March, major lead-acid battery enterprises basically resumed normal production. The last batch of enterprises that resumed work in early March also recently completed production ramp-up on their production lines, with operating rates of 80-100% at medium and large enterprises and 50-80% at small enterprises. At present, most orders for e-bike and automotive battery enterprises came from dealers' routine post-Chinese New Year restocking, but actual improvement in end-use market consumption remained limited. Among them, battery exports were affected by factors such as tariffs, the SHFE/LME price ratio, and transportation, and export-oriented enterprises saw weak order performance. In addition, orders for ESS battery enterprises were moderate, especially tender orders from data centers, and the production lines of such enterprises were operating at full capacity.

SMM News, March 10: Replacement demand in the automotive battery market was moderate. After the holiday, dealers restocked based on demand. The operating rate of production lines at some medium and large enterprises had recovered to 70-90%, with a few even approaching full capacity. However, export-oriented enterprises among them had weak orders, and production was basically based on sales, while procurement of raw material lead was also relatively cautious.

SMM News on March 9: Dealers in Zhejiang reported a relative improvement in end-use consumption in the automotive lead-acid battery market, mainly due to post-holiday restocking by retailers. Battery inventory declined accordingly, while lead prices struggled to rise, and wholesale prices in the battery market have not seen significant changes for the time being; for example, the mainstream model 6-QW-45Ah was at 200-220 yuan/unit. Manufacturers in Hebei reported that after the holiday, dealers restocked as needed, and automotive lead-acid battery orders improved in March. In addition, factory staff have basically returned to work, and the current operating rate has exceeded 90%. Raw material lead is mainly procured under long-term contract. Manufacturers in Jiangxi reported that domestic demand in the automotive lead-acid battery market improved, while on the export side, affected by the SHFE/LME price ratio for lead, tariffs, and Middle East ocean shipping, export orders remained sluggish, and the current operating rate is maintained at 70-80%.

This week, the lead-acid battery market basically resumed normal trading. After logistics recovered, dealers gradually restocked as needed. Both the e-bike and automotive battery markets showed post-holiday restocking momentum, but lead prices struggled to rise, and selling prices in the battery wholesale market remained unchanged for the time being. In addition, on the producer side, lead-acid battery enterprises gradually resumed lead ingot procurement after the holiday. However, due to lead ingots stored before the holiday or long-term contract pre-sales, downstream enterprises had limited short-term replenishment purchases of spot orders, and the improvement in trading activity in the spot lead market was also limited.

SMM February 24: Dealers in Hunan reported that end-use consumption in the automotive battery market was moderate. During the Chinese New Year holiday, battery inventory digestion was limited. After the holiday, only selective models required restocking based on demand. Meanwhile, wholesale prices for batteries remained unchanged compared to pre-holiday levels, such as 6-QW-45Ah at 200-220 yuan per unit. Manufacturers in Hebei indicated that demand for automotive batteries during the Chinese New Year holiday was flat. Currently, the factory has not resumed operations and is expected to start production tomorrow. Additionally, the company had stockpiled lead ingots before the holiday, and initial production line operations will focus on digesting existing inventories. Manufacturers in Zhejiang reported that with the end of the Chinese New Year holiday, the factory officially resumed operations today. However, as non-local workers have not fully returned, production lines still need to gradually ramp up. There are no immediate plans to purchase lead ingots in the coming days.

European Automotive Battery Company (ACC) has officially announced the suspension of its plans to build battery gigafactories in Italy and Germany. ACC, jointly funded by Stellantis, Mercedes-Benz, and TotalEnergies, was originally expected to enhance the autonomy of the European EV supply chain. However, due to lower-than-expected demand in the EV market, Stellantis recently announced a €22 billion loss and correspondingly scaled back its electrification investments. CEO Antonio Filosa stated that the actual required battery capacity will be significantly lower than initially planned.

SMM February 10: Dealers in Jiangxi reported mediocre end-use consumption in the automotive battery market. Due to logistics suspensions, recent battery sales mainly focused on digesting inventories. Additionally, stores will close for the holiday starting February 12. Manufacturers in Zhejiang indicated weak replacement demand in the automotive battery market. As the Chinese New Year holiday approaches, upstream and downstream enterprises have begun holiday closures one after another. The company is expected to suspend operations this Friday and resume work on the eighth day after the holiday. Manufacturers in Anhui reported average demand in the automotive battery market. With the Chinese New Year approaching, dealers have completed pre-holiday stockpiling, and the factory entered a production halt for the holiday today.

SMM February 3 News: Dealers in Hunan reported moderate replacement demand in the automotive battery market. Coupled with the approaching year-end, retailers' purchases were limited, and battery inventory exceeded one month. No additional stockpiling will be conducted before the Chinese New Year. The current wholesale price for the main model 6-QW-45Ah is 200-220 yuan per unit. Manufacturers in Guangdong reported that domestic orders for automotive batteries were moderate, while export orders declined significantly due to factors such as tariffs. Recently, the plant operating rate has been maintained around 70%. Additionally, with the Chinese New Year holiday approaching, the production workshop was shut down yesterday. Manufacturers in Zhejiang reported that overall demand in the automotive battery market was weak. Dealers' pre-holiday stockpiling has basically ended. After completing the last shipment recently, the plant will suspend operations on February 8. Furthermore, no procurement of lead ingots is planned before the holiday.