China's secondary lead production totaled 263,300 metric tons in October 2026, down 11,300 mt, or 4.11%, month on month, according to Shanghai Metals Market (SMM). Secondary refined lead output rose 2.49% month on month to 196,000 mt, supported mainly by imported crude lead used as a raw material supplement. October showed a mix of production restarts and supply constraints.
Large smelters in Inner Mongolia and a Jiangsu smelter that had been under maintenance gradually resumed operations and ramped up, adding to supply. However, smelters in Anhui and Henan proactively cut output due to unstable scrap battery arrivals and falling lead prices. A major plant in Anhui also halted production early in the month because of equipment failure, which weighed on regional operating rates.
SMM further noted that some enterprises in east and north China faced insufficient input invoices, leading to sluggish finished product shipments and inventory buildup, which dampened production enthusiasm. For November, SMM expects secondary lead production to reach 284,200 mt, up 7.9% month on month, with secondary refined lead output forecast at 222,100 mt, up 13.3% month on month. The growth is expected to come mainly from continued ramp-ups at large plants in Inner Mongolia and Shandong, as well as Jiangsu's resumed units gradually reaching full capacity.
SMM warned that the forecast increase faces several risks. Compliant scrap battery supply remains tight, weaker lead prices could squeeze smelting margins, and a major smelter in Anhui has already planned to cut production by more than 30% in November. If downstream battery orders continue to weaken, end-user production cuts could worsen secondary lead inventory buildup and limit smelters' willingness to ramp up, meaning final production growth may fall short of expectations.
Source: Shanghai Metals Market (SMM), published November 4, 2026. SMM states that its data are processed from publicly available information, market communication and its internal database model, are for reference only, and do not constitute decision-making recommendations.
Source: news.metal.com