【SMM Analysis】 Why Are Chinese Lead-Acid Battery Enterprises Taking More Holidays for the 2026 Labor Day? As the Labor Day holiday approaches at the end of April, SMM conducted a survey on holiday arrangements among lead-acid battery enterprises across 10 provinces in China.

According to SMM research, from April 17 to April 23, 2026, the weekly comprehensive operating rate of lead-acid battery enterprises across five provinces surveyed by SMM was 68.59%, down 1.07 percentage points WoW. The off-season trend in the lead-acid battery market intensified. Particularly in mid-to-late April, end-use consumption in the e-bike lead-acid battery market declined further. Orders at some medium and large enterprises fell, finished product inventories accumulated, and production line operating rates were cut to varying levels of 50-70%, dragging down the weekly operating rate of lead-acid batteries. In addition, the current SHFE/LME price ratio remained unfavorable for lead-acid battery exports. Coupled with the impact of Middle East conflicts and tariffs, lead-acid battery exports in March saw a rare decline from February (in previous years, battery exports were at annual lows in January-February due to the Chinese New Year holiday, while March typically saw a recovery in post-holiday orders and shipments, with battery exports rising in the vast majority of cases). Orders at export-oriented enterprises remained sluggish from March to April.

SMM, April 21: The most-traded SHFE lead 2605 contract opened at 16,800 yuan/mt intraday. From the early session to mid-session, SHFE lead trended higher in a fluctuating manner. During the afternoon session, prices moved sideways within the range of 16,825-16,855 yuan/mt. Prices edged up near the close, touching a high of 16,860 yuan/mt, and finally settled at 16,845 yuan/mt, forming a bullish candlestick with no lower shadow, up 115 yuan/mt or 0.69%. On the fundamentals, lead inventory drawdowns outside China combined with maintenance at some domestic secondary lead smelters provided support for lead prices, while inflows of imported lead, weakening lead-acid battery exports, and social inventory buildup of lead ingots capped the upside room for lead prices. Sentiment side, tensions in US-Iran geopolitical situation disturbed longer-term futures sentiment. SMM expects lead prices to maintain a fluctuating trend in the short term. Data source statement: Data other than publicly available information is derived from publicly available information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

[SMM Flash News] According to customs data, China’s lead-acid battery exports totaled 14.5905 million units in February 2026, down 25.09 percentage points MoM and up 14.02 percentage points YoY; cumulative lead-acid battery exports reached 34.0679 million units in January-February 2026, down 2.25 percentage points YoY.

Next week, key macroeconomic data releases include China’s February CPI y/y, the US February non-seasonally adjusted CPI y/y, the US January core PCE price index y/y, and the preliminary US March one-year inflation expectations; meanwhile, geopolitical tensions in the Middle East persist, with unchanged impacts on maritime shipping and energy supply, while a surge in oil prices has hit interest rate cut expectations, and US Treasury traders have increasingly expected that the US Fed will not cut interest rates this year. In addition, on March 6, SHFE officially announced the passage of the revision plan for lead futures contracts, with secondary lead substitutes at a discount of 150 yuan/mt to deliverable-grade material. LME lead, overseas geopolitical issues have mixed bullish and bearish impacts on the lead market: on the one hand, hindered transportation and rising energy prices such as natural gas have pushed up smelting cost, and lead-acid battery exports have also been constrained by transportation restrictions; on the other hand, there is the impact of damage to the economic environment. In addition, overseas lead inventory has remained elevated after surging by more than 50,000 mt during the Chinese New Year period, leaving lead prices under pressure. LME lead is expected to trade at $1,930-1,990/mt next week. SHFE lead, in March, both domestic lead ingot supply and demand increased, and with imported lead supplementing supply, the destocking speed of lead ingots has been slow, leaving insufficient momentum for lead prices to rise. The secondary lead segment is currently in a loss-making state, and some smelters have slowed the pace of resuming production, providing support for lead prices. In addition, next week is the week before delivery for the SHFE lead 2603 contract, and suppliers will transfer inventory and ship to delivery warehouse; expectations of a cumulative increase in visible inventory may weigh on lead prices. Overall, the most-traded SHFE lead contract is expected to trade at 16,600-17,000 yuan/mt next week. Spot price forecast: 16,500-16,700 yuan/mt. Demand side, the operating rate of lead-acid battery enterprises rose, and their lead ingot purchases will rise accordingly, with more expectations of purchasing as needed. Supply side, primary lead smelters’ production was steady to slightly higher, and market circulating supply was ample; however, considering the factor of shipping to delivery warehouse, this may ease suppliers’ pressure to make shipments, keeping spot discounts stable, while secondary refined lead smelters have resumed work at a slightly slower pace and, amid losses, secondary refined lead smelters will hold prices firm in shipments, with limited widening of discounts.

[SMM Lead Morning Meeting Minutes: Bullish and Bearish Factors Coexisted in Domestic and Overseas Markets; Lead Prices Were Expected to Remain Consolidated] US Treasury Secretary Bessent: A 15% global tariff might be implemented this week, pledged to safeguard the Persian Gulf, and hinted that more measures were forthcoming. Recently, lead-acid battery enterprises in the domestic market basically resumed production, and the overall operating rate in March rebounded sharply from February…

[SMM Analysis] Middle East Anti-Dumping Duties to Take Effect in January Next Year: What Impact Will They Have on Lead-Acid Battery Exports? SMM December 31: In late November 2025, according to the official website of the Gulf Cooperation Council (hereinafter referred to as "GCC") Technical Secretariat for Anti Injurious Practices in International Trade and Official Gazette Issue No. 53, the GCC Ministerial Committee composed of industry ministers formally approved the Standing Committee's recommendation to impose definitive anti-dumping duties on electric accumulators used for starting piston engines (HS code 85071000) originating in or exported from China and Malaysia.

[SMM News] According to customs data, China's lead-acid battery exports in July 2025 were 21.2866 million units, up 13.56% MoM and down 3.79% YoY; the cumulative exports from January-July 2025 were 134 million units, down 6.17% YoY.

[SMM Analysis: Lead-Acid Battery Export Rush Amid Tariff Hikes? Reduced Volume to the US?] Since the beginning of this year, the US has escalated tariff hikes on Chinese goods, and as the US-China trade tariff war intensifies, the automotive industry has become one of the key sectors impacted.

【SMM Analysis: Lead-Acid Battery Rush Export Under Tariff Hike? Reduction in US?】 Since the beginning of this year, the US has continuously escalated its tariff hikes on China. As the Sino-US trade tariff war intensifies, the automotive industry has become one of the key sectors impacted. As one of the main components of automobiles, lead-acid batteries have also been affected...