In March 2025, secondary lead enterprises resumed production at a rapid pace, with the weekly operating rate reaching 62.91%, a 1.5-year high. Lead prices rose as the US Dollar weakened and domestic policies supported the market. However, air pollution warnings in northern China led to smelter shutdowns, further driving up prices. Despite initial ample inventories, smelters now face declining raw material stocks due to increased production and off-season scrap battery supply. This has created a standoff between smelters and scrap dealers, with both sides awaiting market clarity.

Alumina Operating Rate in Shanxi and Henan Regions Hits a New Low in the Past Months with a 1.10% Month-on-Month Decrease in January Production, what will happened in next 2 months. In 31 of Jan, China's metallurgical-grade alumina total production in January decreased by 1.10% compared to December 2023, but increased by 5.5% year-on-year.

During the week ending October 19, some Shandong alumina refinery temporarily limited roasting due to air pollution warning but have since resumed production.