[SMM Analysis] New National Standard for Secondary Lead and Inclusion in Delivery on the Agenda, Market to Shift to "Primary + Secondary Dual-Track Pricing" SMM February 27: Starting March 1, 2026, the "Secondary Lead Ingot GB/T 21181-2025" (hereinafter referred to as the "new national standard") will replace the "Secondary Lead and Lead Alloy Ingot GB/T 21181-2017" (hereinafter referred to as the "old national standard") and officially come into effect.

[SMM Analysis: Tariff Incident Continues to Impact Non-Ferrous Metals; May Lead Ingot Consumption Capacity May Limit Its Imports] SMM reported on May 20: In April 2025, the global lead market was influenced by multiple factors, including the macroeconomic situation, trade policies, and the supply-demand relationship. According to customs data, in April 2025, China's refined lead exports reached 3,368 mt, up 19.09% MoM and 15.54% YoY. From January to April, the total exports of refined lead and lead products amounted to 22,286 mt, with a cumulative year-on-year increase of 7.88%. On the import side, in April, China's refined lead imports were 4,734 mt, and lead alloy imports were 8,576 mt. From January to April, the total imports of refined lead and lead products reached 47,207 mt, with a cumulative year-on-year increase of 207.89%.

[SMM Lead and Zinc Summit | SMM: Raw Material and Consumption Imbalance to Persist in 2025, Lead Price Range May Narrow] Wenming Xia, Senior Analyst of the SMM Lead and Zinc Group, provided an outlook on the current and future state of the lead market in 2025. She stated that the global lead market in 2024 showed a significant supply deficit, and SMM expects that the global lead market in 2025 may narrow from a deficit to a tight balance, with the possibility of a surplus similar to 2023 not being ruled out. In H1 2025, the persistent imbalance in raw material supply is expected to continue affecting the market, driving lead prices to rise successively. Looking ahead to the entire year of 2025, SMM anticipates that the imbalance between raw material supply and consumption will persist, and the lead price range in 2025 may narrow compared to 2024.

According to reports by foreign media on November 24, UBS said on Friday that as 2024 approaches, base metals are expected to fluctuate generally within a range in the short term.

According to data released by the International Lead and Zinc Study Group (ILZSG), the global lead market turned into a supply deficit of 6,100 mt in December 2022, and it was revised to a supply surplus of 9,200 mt last month.