[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%.

In March 2025, China's refined lead exports declined by 66.57% month-on-month and 34.38% year-on-year, while combined imports of refined lead and lead products surged by 197.96% year-on-year. Due to tight raw material supply and high prices, domestic lead costs are relatively high. In particular, the firm prices of metals such as antimony and tin have directly led to an increase in lead alloy prices. Recently, domestic lead ingot and lead product exports have been at a disadvantage.

In March 2025, China's refined lead exports declined by 66.57% month-on-month and 34.38% year-on-year, while combined imports of refined lead and lead products surged by 197.96% year-on-year. Due to tight raw material supply and high prices, domestic lead costs are relatively high. In particular, the firm prices of metals such as antimony and tin have directly led to an increase in lead alloy prices. Recently, domestic lead ingot and lead product exports have been at a disadvantage.

SMM Analysis: Refined Lead and Lead Products Imports Maintained Growth in March, High Costs Put Exports at a Disadvantage. SMM, April 22: According to customs data, the export situation in March 2025 showed that refined lead exports were 2,828 mt, down 66.57% MoM and 34.38% YoY. The total exports of refined lead and lead products in March were 16,913 mt, up 8.83% cumulatively YoY. The import situation in March 2025 showed that refined lead imports were 2,868 mt, lead alloy imports were 8,988 mt, and the total imports of refined lead and lead products were 33,981 mt, up 197.96% cumulatively YoY.

[SMM Analysis: Refined Lead Import and Export Situation in February and Overseas Lead Arrival Dynamics in March] SMM reported on March 20: According to customs data, for exports, refined lead exports in February 2025 were 8,460 mt, up 1,460.74% MoM and 370.16% YoY; the combined export volume of refined lead and lead products from January-February was 11,685 mt, up 30.64% YoY. For imports, refined lead imports in February 2025 were 1,660 mt, and lead alloy imports were 8,498 mt. The combined import volume of refined lead and lead products from January-February was 21,958 mt, up 208.45% YoY.

SMM Analysis: Refined Lead Imports and Exports in February and Overseas Lead Arrivals in March According to customs data, for exports: In February 2025, refined lead exports were 8,460 mt, up 1460.74% MoM and 370.16% YoY; the combined exports of refined lead and lead products from January-February were 11,685 mt, up 30.64% YoY. For imports: In February 2025, refined lead imports were 1,660 mt, and lead alloy imports were 8,498 mt. The combined imports of refined lead and lead products from January-February were 21,958 mt, up 208.45% YoY.