Hi ABC_Business,
Thanks for reaching out to the Microsoft Community. I'm glad to help you!
To better understand the issue and help you more effectively, could you please help me confirm a few things:
Are you seeing the read-only issue when opening the Excel file in Excel on the web, Excel desktop app, or both?
Do you see any error message when the file opens in read-only mode? If yes, could you please share the exact message or a screenshot?
Does this read-only issue happen with all Excel files in the SharePoint library, or is it only affecting some specific files?
Is the file something you own, or was it shared with you by someone else?
Could you try creating a new Excel file, upload it to the same SharePoint library, and open it? This will help us check if the issue is with that specific file or with the library settings in general.
If any sensitivity label be put on this file?
With your help and a bit more detail, we’ll work together to find the best solution for you.
Looking forward to your reply!
Sincerely,
Jeanie-H - MSFT | Microsoft Community Support Specialist.