According to Sina Finance, production statistics from major domestic lead smelters (representing 4.02 million tons of primary lead capacity and 6.4 million tons of recycled lead capacity) show that from January to October 2025, sample enterprises produced 4.082 million tons of refined lead, marking a 2.1% year-on-year increase. Primary lead output rose 4.9% year-on-year to 2.228 million tons, while recycled lead production fell 1.2% to 1.854 million tons, accounting for 45.4% of total refined lead output.

In October 2025, sample enterprises produced 420,000 tons of refined lead, down 2.4% year-on-year but up 42,000 tons month-on-month. Primary lead output was 219,000 metric tons, down 3.7% year-on-year but up 8,000 metric tons month-on-month. Secondary lead output was 201,000 metric tons, down 0.9% year-on-year but up 34,000 metric tons month-on-month, accounting for 47.9% of the month's refined lead output.

Refined lead output saw a significant month-on-month increase in October. For primary lead, smelters in Henan and Inner Mongolia resumed normal operations after maintenance, while facilities in Yunnan, Qinghai, and Jiangxi initiated maintenance. Primary lead output largely met expectations. For recycled lead, strengthened lead prices gradually improved smelting margins, significantly boosting smelter production enthusiasm. With maintenance impacts waning, recycled lead output saw a substantial month-on-month increase.

In November, the processing fee range for mainstream domestic lead concentrates was CNY 250-600/ton of metal, with an average of CNY 400/ton of metal, unchanged month-on-month.

In November, refined lead output showed a notable month-on-month increase. For primary lead, smelters in Yunnan and Qinghai resumed normal operations after maintenance, while some facilities in Anhui and Jiangxi remained impacted by maintenance. Primary lead output rose month-on-month. In the recycled lead sector, sustained profit improvements drove higher plant operating rates, leading to a notable increase in recycled lead output. Estimated monthly production for November reached approximately 444,000 metric tons.

As an integrated internet platform providing benchmark prices, on November 26, the benchmark price of lead on SunSirs was 17,050.00 RMB/ton, a decrease of 1.19% compared with the beginning of the month (17,256.00 RMB/ton).

Application of SunSirs Benchmark Pricing：

Traders can price spot and contract transactions based on the pricing principle of agreed markup and pricing formula (Transaction price=SunSirs price + Markup).

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