[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.

【Lead and Zinc Summit | SMM: Zinc Resource Shortage Drives Rapid Development of the Secondary Zinc Industry, Secondary Zinc Raw Material in Undersupply】Hua Lin, SMM zinc product analyst, discussed the topic of "The Zinc Recycling Revolution: Industry Trends and Sustainable Development Future." She stated that the development of the secondary zinc industry not only alleviates the global zinc ore resource shortage but also provides sustainable material solutions for downstream sectors by establishing a "production-consumption-recycling" industrial closed loop, becoming a crucial breakthrough in achieving the "dual carbon" goals.

In the global wave of green transformation and sustainable development, ESG (Environmental, Social, and Governance) has become a core driving force for the high-quality development of enterprises. As an important pillar of China's non-ferrous metals industry, the lead and zinc industry stands at a critical historical period—how to balance resource development and environmental protection? How to synergize social responsibility and economic benefits? How to enhance governance capabilities and industry competitiveness? These issues urgently require our collective exploration and resolution. To recognize lead and zinc enterprises that have achieved good performance in ESG, and to encourage more enterprises to actively carry out and practice ESG work, Dun & Bradstreet, in collaboration with SMM, has launched a significant ESG ranking for enterprises in the lead and zinc sector, and held a grand award ceremony at the 2025 SMM (20th) Lead and Zinc Conference and Industry Expo ! The 2025 Dun & Bradstreet & SMM "ESG Excellence Enterprise" Award in the Lead and Zinc Sector (the following enterprises are listed in no particular order) Baowu Group Environmental Resources Technology Co., Ltd. Henan Jinli Gold and Lead Group Co., Ltd. Huludao Zinc Industry Co., Ltd. Jiangxi Copper Lead and Zinc Metals Co., Ltd. Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. Tianjin Youfa Steel Pipe Group Co., Ltd. Yunnan Chihong Zn & Ge Co., Ltd. Bohigh Zinc Product Co., Ltd. Nandan County South China Nonferrous Metals Co., Ltd. Sichuan Shengtun Zinc Germanium Technology Co., Ltd. Western Mining Co., Ltd. Zhou Bo, Executive Vice President of SMM, presented awards to the winning units. Here, SMM congratulates the above enterprises, and thanks all industry colleagues for their support!

At the 2024 SMM 19th Lead and Zinc Conference and Lead and Zinc Technology Innovation Forum -Lead and Zinc Market Forum hosted by SMM, Han Zhen, senior analyst of the lead and zinc industry of SMM, analyzed the current status of the zinc market in 2024 and made a forecast on its future prices. She said that SMM expects that domestic zinc concentrate supply will be relatively tight in 2024.