In summary, the import dividends marginally faded in June, while exports experienced a periodical recovery. The narrowing of the import window in July will cause monthly imports to decline significantly, and the annual trade pattern will enter a new phase of reduced imports and export recovery.

[Lead Import and Export Data] According to customs data, in June 2026, China's exports of refined lead were 4,173 mt, up 96.71% MoM and 31.11% YoY; combined exports of refined lead and lead products from January to June totaled 26,210 mt, down 24.57% YoY on a cumulative basis. On the import side, June imports of refined lead were 15,094 mt, imports of lead alloy were 22,992 mt, and combined imports of refined lead and lead products from January to June reached 286,747 mt, surging 282.26% YoY on a cumulative basis.

SMM July 3 News: Overnight, lead prices edged up slightly. Domestic smelters mostly maintained a wait-and-see stance, waiting for the futures market to stabilize. Smelters faced significant loss pressure, while prices for finished lead exports weakened. Coupled with high costs of raw materials such as scrap batteries, enterprises' willingness to adjust prices remained generally conservative. During the week, the pace of raw material circulation diverged: in the first half, lead prices continuously declined, and recyclers' willingness to sell rose significantly; in the second half, the market's available supplies gradually tightened. Combined with today's rebound in lead prices, smelters did not simultaneously raise their purchase prices, and recyclers' enthusiasm for selling also cooled. Overall, in the short term, purchase prices for scrap batteries will remain stable.

According to data from China Customs, in January-May 2026, China’s combined imports of refined lead and lead products totaled 248,443 mt, surging 291.06% YoY on a cumulative basis. The import window was wide open for most of H1, and overseas cargoes kept pouring in. Total imports had already exceeded the full-year 2025 level. On the export side, combined exports of refined lead and lead products in January-May amounted to only 20,197 mt, down 32.49% YoY, remaining at low levels.

According to statistics from the General Administration of Customs of China, in January-May 2026, China's cumulative imports of refined lead and lead materials totaled 248,443 mt, a YoY surge of 291.06%. The import window remained open throughout H1, with a steady influx of supply from outside China, and total imports had already exceeded the level for the full year 2025. On the export side, combined exports of refined lead and lead materials in January-May stood at only 20,197 mt, down 32.49% YoY, and remained at a low level overall.

[Lead Import and Export Data] According to customs data, in May 2026, China’s refined lead exports were 2,122 mt, up 128.99% MoM and down 61.8% YoY.