In 2024, the supply of lead concentrates was tight, processing fees hit a historic low, and battery scrap prices repeatedly exceeded 10,000 yuan, leading to supply constraints that caused large-scale production cuts and suspensions at secondary lead smelters. Domestic lead prices remained high, and the traditional seasonal patterns of downstream demand were disrupted. These unusual developments made 2024 another best-performing year for lead prices since 2017. In 2024, lead prices experienced another "highlight moment" in nearly six years, surging to a peak of 20,050 yuan/mt on July 18, 2024, marking a new high since July 2018. However, lead prices subsequently pulled back, with SHFE lead main contract closing at 16,765 yuan/mt on December 31, 2024, up 5.71% year-on-year.

According to an SMM survey, although 2024 saw a long-awaited window for lead concentrate imports, global lead ore supply could not match the expansion of domestic lead smelting capacity.